Dubai’s troubled Abraaj nears out-of-court settlement: Lawyer:
A lawyer for the founder of embattled Dubai-based private equity group Abraaj said yesterday it is close to an out-of-court settlement in a case over bounced cheques for millions of dollars.
“Parties have reached an understanding last night. Now, they will put it in a document,” said Arif Naqvi’s lawyer, Habib al-Mulla.
“A provisional agreement has been reached over the main issues to repay the loan,” al-Mulla, the chief executive of law firm Baker McKenzie Habib al-Mulla, told AFP.
Essam al-Tamimi, a lawyer for creditor United Arab Emirates businessman Hamid Jaafar, confirmed the negotiations but without giving details.
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