Arif Naqvi secured $300m in ‘emergency’ loan to keep embattled Abraaj afloat, Jafar family claims

Arif Naqvi secured $300m in ‘emergency’ loan to keep embattled Abraaj afloat, Jafar family claims:

Arif Naqvi sought an “emergency short term loan” of $300 million from the Jafar family of Sharjah to keep the embattled private equity group Abraaj alive in February this year, according to a statement from the Jafar’s lawyers, Al Tamimi & Co. The allegation — rejected by Abraaj legal advisers — came after a court hearing in Sharjah, UAE, which kept in place an arrest warrant against Naqvi on grounds of dishonored cheques, a criminal offense in the Emirates. A further hearing will take place next week. The statement by Al Tamimi marks an escalation in the flashpoint confrontation between Naqvi and his erstwhile business partners, which is threatening to derail efforts to save the group, which last year declared assets under management of nearly $14 billion.