UK Arrests Iraqi Billionaire on French Extradition Warrant on Fraud Charges

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Sunday, June 1, 2003
Bruce Zagaris
On April 2, 2003, the British Government announced the arrest on a French extradition warrant of Nadhim Acuchi, 65, an Iraqi billionaire, to testify in a corruption and embezzlement trail involving the former French oil company Elf. According to Scotland Yard, after an initial hearing, the Bow Street magistrates’ court in London granted Auchi bail to appear on three counts of conspiracy to defraud. The trail follows an eight-year investigation during which French authorities issued an international arrest warrant for Auchi. The trial is expected that the trial will last about four months. According to media reports, Auchi is Britain’s 13th richest man. He has an estimated $ 1.2 billion worth of assets, ranging from shipping to hotels.