The High Court of Namibia has ruled to allow Jacob “Kobi” Alexander to remain, and work, in Namibia pending decisions on both the renewal of his work permit and the U.S. extradition request filed in July 2006.
Alexander – who has been charged in the U.S. with 35 criminal counts related to securities fraud – claimed in court to have invested more than N$70 million in Namibia, reports The Namibian. The government lawyer argued without success that as “a fugitive from international justice,” Alexander should not be permitted to work. His extradition hearing, which has been repeatedly postponed, is set for June 9.
The SEC filed a complaint in 2006 against Alexander and two other executives of Comverse Technology Inc., a New York company that designs and manufactures telecommunication systems and software. The men are accused of backdating millions of Comverse stock options to days when the shares traded for lower prices for their own personal gain. Authorities allege that Alexander made $8 million, David Kreinberg $1.5 million, and William F. Sorin more than $1 million from the scheme.