Abraaj founder Arif Naqvi sentenced to three-year jail term by UAE court: report

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Abraaj Group founder Arif Naqvi was sentenced in absentia to three years in prison by a court in the United Arab Emirates, Bloomberg reported.

The sentencing comes a week after the Dubai financial center watchdog fined the collapsed buyout firm a record $315 million for misleading investors and misappropriating their funds.

Naqvi faces fraud allegations in the U.S.

In London, he was granted conditional bail in May after paying the largest security bond ever ordered in the U.K. While he awaits his extradition hearing, he must wear an electronic tag and stay in his London home as part of the bail conditions.

Naqvi maintains his innocence and expects to be cleared of any charges, his spokesman has previously said.