Abraaj peace talks break down ahead of crucial UAE legal hearing:
Peace talks between representatives of Arif Naqvi, the beleaguered founder and chief executive of the Abraaj Group, and the Sharjah business leader Hamid Jafar have ended without a settlement ahead of a crucial legal hearing in the UAE on Thursday.
Naqvi, who has been accused of writing bad cheques to the value of $300 million, had been seeking more time — up to a year — to pay the owed amount, but Jafar wanted immediate payment in cash or assets to cover the debts, according to a person involved in the talks.
Meetings involving legal representatives took place in London since last weekend, but foundered on the request for immediate repayment of the debts, incurred last December to bridge a financial hole at Abraaj.
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