Comverse Ex-CEO Freed on Bail in Namibia
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Jacob “Kobi” Alexander, the former Comverse Technology Inc. chief executive officer facing extradition to America for securities fraud, was freed on $1.3 million bail by a Namibian judge.
Mr. Alexander, 54, had been in jail in Windhoek, the Namibian capital, since his arrest there September 27.America is trying to extradite him to face charges related to stock-option backdating.
He was accused August 9 of conspiracy, securities fraud, making false filings to the U.S. Securities and Exchange Commission and money laundering.
“This court has no strong evidence to keep the accused detained,” Magistrate Uaatjaa Uanivi said at a hearing in Katatura, a suburb of Windhoek, today. America has yet to file an extradition application, indicating it is treating the matter with “non-urgency,” the judge said.
The charges against Mr. Alexander and two former Comverse executives are the most wide-ranging from more than 130 inquiries started by American authorities and companies into manipulations of stock-options timing. The American indictment against Mr. Alexander relates to the backdating of stock options from 1998 to 2006.
Mr. Alexander posted the full amount of his bail and surrendered his Israeli passport to Namibian authorities. While he fights extradition, he must report to a police station every Monday and Friday and stay in Windhoek unless granted permission to leave, Mr. Uanivi said. He will have access to his local bank accounts.