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New York Court issues Abel Wadood on bail

Dubai: «Gulf»

The Court of New York on Monday approved the issue of Mustafa Abdel Wadood, a former director of the Abraaj Group, in a $ 10 million bond deal which he had imposed on Abdel-Wadood under house arrest in Manhattan.
According to the Wall Street Journal, the judge has signed a rescue agreement with four parties, three of which are US citizens. The sponsorship agreement included a New York apartment owned by two signatories to the sponsorship contract. Abdul Wadood was arrested on charges of fraud and inflated the company's value for investors in the United States, the case also accused a number of company directors and founder and CEO, Arif Naqvi, who is currently being held in London.
Under the agreement, Abdel Wedoud will be subject to house arrest and must confirm his presence at home with an agreed follow-up system. Abdul Wadood is to be tested in the United States on November 4.
The London court dismissed Arif Naqvi, the company's bail founder, last Friday, citing fears of fleeing to Pakistan. Naqvi's lawyer is suing the cause of the lawsuit and claims that Naqvi did not use or gain personal benefit from any fraudulent practices in this case.

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