{"id":596535,"date":"2019-07-01T04:29:50","date_gmt":"2019-07-01T04:29:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/former-abraaj-exec-mustafa-abdel-wadood-pleads-guilty-to-racketeering-fraud-charges\/"},"modified":"2019-07-01T04:29:50","modified_gmt":"2019-07-01T04:29:50","slug":"former-abraaj-exec-mustafa-abdel-wadood-pleads-guilty-to-racketeering-fraud-charges","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/former-abraaj-exec-mustafa-abdel-wadood-pleads-guilty-to-racketeering-fraud-charges\/","title":{"rendered":"Former Abraaj exec Mustafa Abdel-Wadood pleads guilty to racketeering, fraud charges"},"content":{"rendered":"

<\/a> Former<\/b> Abraaj exec Mustafa Abdel-Wadood pleads guilty to racketeering, fraud charges:<\/b> Former Abraaj managing partner Mustafa Abdel-Wadood has pleaded guilty to racketeering and securities-fraud charges at a court in New York, Reuters reports<\/a>. Abdel-Wadood admitted to lying to investors at the behest of Abraaj founder Arif Naqvi, and agreed to cooperate with US authorities. \u201cWhen things turned bad in 2014, I should have walked away,\u201d the Wall Street Journal<\/a> quotes Abdel-Wadood as saying in a prepared court statement. \u201cI considered it but didn\u2019t. My commitment to Abraaj compromise the integrity of my judgment, and I ended up drifting from who I really am.\u201d<\/p>\n

Both Abdel-Wadood and Naqvi <\/b>were arrested in April<\/b><\/a> and released on bail the following month.<\/b> The US is attempting to extradite Naqvi from London, who is currently under effective house arrest after paying USD 19 mn conditional bail. The US attorney\u2019s office for the southern district of New York stepped up the probe<\/a> into Abraaj two weeks ago, announcing that three more executives would face fraud charges. Abraaj was the largest emerging-markets private equity firm in the world before it collapsed last year amid concerns that funds were being misused.<\/p>\n","protected":false},"excerpt":{"rendered":"

Former Abraaj exec Mustafa Abdel-Wadood pleads guilty to racketeering, fraud charges: Former Abraaj managing partner Mustafa Abdel-Wadood has pleaded guilty to racketeering and securities-fraud charges at a court in New York, Reuters reports. Abdel-Wadood admitted to lying to investors at the behest of Abraaj founder Arif Naqvi, and agreed to cooperate with US authorities. \u201cWhen […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[4991,9347,72,3588,11143,758,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596535","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-abraaj","tag-arif-naqvi","tag-enterpriseam","tag-fraud","tag-mustafa-abdel-wadood","tag-private-equity","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e6035ce9-5373-4388-9c2f-d1900c16dd64","is_powered_by":true,"section_story_id":"c76e4ce2-8ba4-4d4b-b668-c90d87234437","story_type":"1","photo_url":"","photo_position":"above","related_issue":[596521],"teaser":"","voice_url":""},"yoast_head":"\nFormer Abraaj exec Mustafa Abdel-Wadood pleads guilty to racketeering, fraud charges - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/former-abraaj-exec-mustafa-abdel-wadood-pleads-guilty-to-racketeering-fraud-charges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former Abraaj exec Mustafa Abdel-Wadood pleads guilty to racketeering, fraud charges\" \/>\n<meta property=\"og:description\" content=\"Former Abraaj exec Mustafa Abdel-Wadood pleads guilty to racketeering, fraud charges: Former Abraaj managing partner Mustafa Abdel-Wadood has pleaded guilty to racketeering and securities-fraud charges at a court in New York, Reuters reports. 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US prosecutors are seeking extradition for Naqvi, who was arrested in the UK on Friday. \u201cMr Naqvi maintains his innocence, and he fully expects to be\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597591,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/31\/dubai-financial-regulator-fines-abraaj-usd-314-6-mn-for-serious-wrongdoing\/","url_meta":{"origin":596535,"position":3},"title":"Dubai financial regulator fines Abraaj USD 314.6 mn for \u201cserious wrongdoing\u201d","author":"enterpriseam admin","date":"31 July 2019","format":false,"excerpt":"Dubai financial regulator hands record USD 314.6 mn fine to Abraaj for \u201cserious wrongdoing\u201d: Former private equity giant Abraaj has been fined a record USD 314.6 mn by Dubai\u2019s financial regulator, the Wall Street Journal reports. 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