UAE News

Ex-Abraaj exec Sev Vettivetpillai cooperating with US authorities, agrees to extradition

Former Abraaj Group senior govt Sev Vettivetpillai is cooperating with US authorities and has agreed to be extradited to the USA, the place he’s anticipated to plead responsible to unspecified costs, in line with media stories.

Vettivetpillai faces various racketeering and fraud costs stemming from his time at Abraaj – which was one of many globe’s most outstanding rising market buyers – together with 5 different executives. Amongst them is the corporate’s founder, Arif Naqvi.

Each Vettivetpillai and Naqvi reside within the UK on bail.

Citing a UK court docket clerk, the UAE-based The Nationwide has reported that Vettivetpillai has agreed to be extradited.

In accordance with a skeleton argument from prosecutors, Vettivetpillai is “presently co-operating with US prosecutors”.

“It is expected that in due course he will enter guilty pleas to the superseding indictment, and will give evidence against the defendant at trial,” the doc stated.

Naqvi, then again, is contesting extradition to the US, with authorized paperwork citing the “atrocious conditions” in American jails as a cause. The extradition listening to started on Monday.

Prosecutors, nevertheless, have argued that transferring Naqvi’s case to the UK would seemingly be problematic given the complicated nature of the case and its a number of US-based witnesses.

One other Abraaj govt, Mustafa Abdel-Wadood, pleaded responsible to costs of rackeeting, securities fraud and wire fraud costs in June 2019, two months after Vettivetpillai was arrested at his house in April.

Naqvi, Vettivetpillai, Abdel-Wadood and different senior Abraaj executives are accused of actions that result in losses of over $1 billion for buyers and collectors.

Abraaj, which was based in 2002, was the Center East’s greatest personal fairness fund and one of many world’s most influential emerging-market buyers, with stakes in well being care, clear vitality, lending and actual property throughout Africa, Asia, Latin America and Turkey.

Dubai’s monetary regulator has fined Abraaj $315m for deceiving buyers and misappropriating their funds.

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By Punit Nirankari

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