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Former F1 prince acquitted on theft charges
23rd January 2008
According to a report in the American Dallas Morning News newspaper Malik Ibrahim has been acquitted of the theft of substantial amounts of money from the father of a driver contracted to his Maverick Motorsports team that was competing in the NASCAR Busch Series secondary level US stock car racing championship.
Ibrahim was briefly a part owner of the now defunct Arrows Formula One team 1998 when claiming to be Nigerian royalty he styled himself as Prince Malik Ado Ibrahim and was instrumental in the transaction in which bankers Morgan Grenfell bought into the Arrows team. A deal that would eventually lead to the team’s collapse four years later.
Ibrahim was arrested in May 2007 on theft charges and three counts of securing and executing a document by deception. The jury's not-guilty verdict was delivered after seven hours of deliberations over the course of two days.
After the acquittal Ibrahim said, "I wish there was a word that would describe what I'm feeling. It's been hellacious. But this has restored my faith in American justice."
Despite the verdict, Ibrahim remains in the Collin County Texas Jail on $35,000 bail in connection with seven perjury charges relating to comments he made during bail hearings.
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