Abraaj CEO Arif Naqvi docked for $218m bounced check
Dubai-based Business Man, founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a dud check.United Arab Emirates court postponed judgment until Tuesday two lawyers close to the case said.
The criminal case in the emirate of Sharjah relates to a check for 798.9 million dirhams ($218 million), signed by Naqvi and fellow executive Rafique Lakhani, and written to Hamid Jafar, another founding shareholder in Abraaj.
The punishment for issuing a bounced check under UAE law can be jail or a fine. Naqvi is the single biggest shareholder of Abraaj Holdings, which owns the firm’s investment management business.
Abraaj had the assets to reimburse secured investors however couldn’t reimburse unsecured investors. The organization had completely denied any bad behavior.
Abraaj, which has interest in Indorama Fertilizers in Nigeria, has petitioned for temporary liquidation in the Cayman Islands following quite a while of strife identified with a line with financial specialists over the utilization of their cash in a $1 billion social insurance subsidize. Outlets are additionally trying to offer its speculation administration business,reuters reports.
Zafer Oghli and Khalid al-Bannay, legal counselors for Jafar, told journalists the session was delayed until Tuesday. Naqvi’s legal counselor Habib al-Mulla said the hearing hosted been dismissed and the gatherings were still in talk to achieve a settlement. Neither Lakhani nor his legal advisor could be gone after remark.
Four key investors in a $1 billion healthcare fund managed by Abraaj, including Bill and Melinda Gates and a World Bank affiliate, have demanded an inquiry into allegations that money from the fund was used for other operations.