UPDATE 1-Court dismisses criminal case against founder of UAE's Abraaj | Reuters:
A United Arab Emirates court on Sunday dismissed a criminal case against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, after the claimant dropped the complaint.
The dismissal of the case provides breathing room for Naqvi as Dubai-based Abraaj tries to sell its investment management business after filing for provisional liquidation in the Cayman Islands last month.
Investor confidence in the Middle East’s largest private equity fund had already been shaken by a dispute with investors over the use of their money in a $1 billion healthcare fund, which has led to a halt in fund-raising activities and sparked debt repayment problems. Abraaj denies any wrongdoing.
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