Charges dropped against Abraaj founder over $48m bounced cheque | Financial Times:
A court in the United Arab Emirates has dropped a criminal complaint against Arif Naqvi, the founder of Abraaj, for issuing cheques with not enough funds, as the embattled private equity company struggles to recover from a damaging few months.
A judge in Sharjah said on Sunday that the case, pertaining to a $48.2m cheque, had been dismissed at the request of the complainant Hamid Jafar, a businessman in Sharjah and founding shareholder in Abraaj.
The settlement relieves some personal pressure on Mr Naqvi as Abraaj tries to implement a restructuring process overseen by liquidators appointed by a Cayman Islands court. This process followed investor concerns over claims of mismanagement.
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