Abraaj Founder Naqvi Faces Criminal Case Over Bounced Check - Bloomberg:
Arif Naqvi, the founder of Abraaj Group that has been roiled by allegations of misused investor money, faces a criminal case in the United Arab Emirates for issuing a check without sufficient funds. A complaint against Naqvi and another Abraaj director, Muhammed Rafique Lakhani, was filed in Sharjah over a bounced check, according to a court document seen by Bloomberg. Checks were issued as a security on a loan of about $200 million to Abraaj and $100 million to Naqvi by the U.A.E.-based Jafar family, according to Habib Al Mulla, executive chairman of Baker McKenzie Habib Al Mulla, who is representing Naqvi. The U.A.E. treats bounced checks as a criminal offense. A hearing is scheduled for Thursday. The Financial Times previously reported the criminal case.
Arif Naqvi, the founder of Abraaj Group that has been roiled by allegations of misused investor money, faces a criminal case in the United Arab Emirates for issuing a check without sufficient funds. A complaint against Naqvi and another Abraaj director, Muhammed Rafique Lakhani, was filed in Sharjah over a bounced check, according to a court document seen by Bloomberg. Checks were issued as a security on a loan of about $200 million to Abraaj and $100 million to Naqvi by the U.A.E.-based Jafar family, according to Habib Al Mulla, executive chairman of Baker McKenzie Habib Al Mulla, who is representing Naqvi. The U.A.E. treats bounced checks as a criminal offense. A hearing is scheduled for Thursday. The Financial Times previously reported the criminal case.
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