A former managing partner of the now-defunct private equity firm Abraaj Group consented to extradition to the US, where he faces fraud accusations related to the misappropriation of millions of dollars.
Sivendran Vettivetpillai was arrested in April last year in London after Dubai-based Abraaj went insolvent. On Monday, a UK court clerk told The National Mr Vettivetpillai agreed to be extradited to the US.
Abraaj's founder and chief executive Arif Naqvi, out on £15 million (Dh68.4m) bail in the UK, is the lead defendant in the case. He is fighting extradition to the United States and also had a court hearing on Monday.
Mr Vettivetpillai "is presently co-operating with US prosecutors," according to the prosecution’s brief argument. "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."
Mr Vettivetpillai declined to comment when contacted by The National on Monday.
Mr Vettivetpillai, one of six Abraaj executives facing charges after the company’s collapse, had initially contested his extradition and was granted bail at the time by Westminster Magistrates Court.
His change of heart has fuelled speculation that the authorities are looking to bolster their case against Mr Naqvi with testimony from the co-accused.
Abraaj, which claimed to have managed almost $14 billion (Dh51.4bn) in funds at its peak, was forced into liquidation in June 2018 after a group of investors, including the Bill & Melinda Gates Foundation, the World Bank’s International Finance Corporation and The Overseas Private Investment Corporation (Opic), a US government agency, commissioned an audit to investigate the alleged mismanagement of money in its $1bn healthcare fund.
Mr Vettivetpillai joined Abraaj in 2012 after his investment firm Aureos Capital was acquired by Mr Naqvi's company. He focused on impact investing at Abraaj and was involved in the healthcare fund.
Mr Vettivetpillai allegedly conspired with Mr Naqvi "to inflate valuations of positions held by Abraaj Funds in order to obtain greater investment from US investors", according to a court filing last year.
Mr Naqvi, 59, has been living under curfew at a luxury gated London apartment block for more than a year after his arrest at London’s Heathrow Airport when he returned to the UK from Pakistan in April 2019.
US prosecutors accuse him of being at the centre of a conspiracy to misappropriate more than $400m funds to hide losses at Abraaj.
He denies the accusations.
Dubai’s financial regulator has fined Abraaj $315m for deceiving investors and misappropriating their funds.
Another executive, Mustafa Abdel-Wadood, pleaded guilty to seven counts of an indictment against him in New York and is co-operating with the US government. His sentencing has been postponed until the outcome of Mr Naqvi’s extradition hearing.
He was arrested last year while visiting the US with his wife and son.
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
