Curiouser and curiouser as bounced cheques push Abraaj affair to scandal status | Arab News:
When does an “affair” become a “scandal”? Usually when the forces of law and order get involved, and that is why the four-month-old Abraaj “affair” is now veering toward “scandal” status. Until now, there has been no suggestion of criminal wrongdoing in the precipitous decline of Abraaj, once the leading lights of emerging markets investment and a flag-bearer for the UAE financial industry, but now increasingly seen as a value-destructive embarrassment for Dubai. But writing a cheque without sufficient funds in the bank is a criminal offense in the UAE, and it appears that was what Arif Naqvi, founder and chief executive of Abraaj, did toward the end of February, to the tune of $48.2m in at least one cheque.
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