Jacob Alexander
Photo: Reuters
Namibia gets US extradition request for Alexander
Former chief executive and founder of Comverse Technology Inc. is wanted by US authorities on charges of manipulating stock options
Namibia has received a US extradition request for fugitive millionaire Jacob "Kobi" Alexander, the ex-head of Comverse Technology Inc. wanted by US authorities on charges of manipulating stock options.
"We have received the extradition request from the United States. The documents will now be submitted to the minister of justice, who will then consider them," David Khama, deputy chief legal officer for Namibia's Ministry of Justice said on Monday.
Estimate
Namibian justice official tells Bloomberg ex-Comverse chief may be able to delay his extradition to US for securities fraud for years, through appeals and other legal tactics
Alexander, 54, former chief executive and founder of Comverse Technology Inc., was arrested in Namibia last month but a magistrate later freed him on bail of 10 million Namibian dollars, rejecting prosecution arguments he could flee.
Alexander, who has surrendered his passport, was not required to plead on the US charges at his Namibia hearing but American media reports quoted a statement from him as saying he intended to plead not guilty.
He was arrested on September 27 in Windhoek, capital of the southwest African country, where he had been living with his family.
Alexander and others at the New York-based voicemail-software maker are accused of backdating millions of stock options to days when the shares were trading at lower prices, allowing executives to reap substantial gains, according to details of his indictment.
He has been charged with 32 criminal counts, ranging from alleged conspiracy to securities fraud and money laundering and could face up to 25 years in prison if convicted.
Legal experts say the United States could be in for a lengthy battle to extradite Alexander, citing an earlier case of a German citizen who has successfully used Namibian law to fight off a German extradition request for some four years.
The United States also has no extradition treaty with Namibia but requests can still be pursued through the courts.
Alexander, an Israeli citizen and permanent resident of the United States, has substantial investments in Namibia, which could form a basis for arguing against extradition.
Khama said if the justice minister approves the US extradition request, it will then be forwarded to the Katutura magistrate's court to set a date for an extradition hearing.
"The process is now completely in the hands of the Namibian authorities," said Ray Castello, a spokesman for the US embassy in Windhoek.
