Abraaj founder faces criminal complaint over loan | Financial Times:
A public prosecutor in the United Arab Emirates has accepted a criminal complaint against Abraaj’s Arif Naqvi for issuing a cheque without sufficient funds in a further blow to the founder of the embattled private equity firm. Mr Naqvi could face a custodial sentence in the UAE if he does not settle the debt. A judge in Sharjah is scheduled on Thursday to rule on whether Mr Naqvi, who is in the UK but a Dubai resident, and his colleague Muhammad Rafique Lakhani issued the cheque without the necessary funds, according to a prosecution clerk and copies of court documents. The value of the claim is Dh177m ($48.2m), the clerk said. The hearing is a further twist in the unravelling of Abraaj, the Dubai-based emerging markets specialist that says it has returned $6.5bn to investors over 16 years, but has been reeling for months over investor complaints that it mishandled their funds.
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