Friday 6 July 2018

Abraaj founder 'reaches settlement' over bounced cheque, lawyer says - The National

Abraaj founder 'reaches settlement' over bounced cheque, lawyer says - The National:

Arif Naqvi, the founder of private equity firm Abraaj Group, which is battling allegations of misuse of investors’ funds, has reached an out-of-court settlement with a creditor in a criminal case over a bounced cheque and is waiting to sign off on the deal, his lawyer said. “The parties reached an understanding late on Wednesday night over the main issues to repay the loan. A document is underway of drafting,” Habib Al Mulla, executive chairman of Habib Al Mulla Baker Mackenzie, told The National in an emailed statement on Friday. He did not say when the agreement would be signed. A judge in Sharjah was scheduled to rule on Thursday whether the cheque in question was issued without the necessary funds, but adjourned the hearing until July 11.

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