Naqvi burns the midnight oil, but can he put out the fire at Abraaj? | Arab News:
The midnight oil was burning in London and Dubai on Wednesday as representatives of Arif Naqvi and Hamid Jafar locked horns again in negotiations over $300 million of debt that could decide the fate of Abraaj Group, once the Middle East’s renowned private equity business, now a fallen star of the regional financial establishment. Talks had been on and off most of the week, with Habib Al-Mulla, executive chairman of Baker & McKenzie Habib Al Mulla, among the lawyers in fractious discussions over the debts. People on both sides involved in the negotiations were not optimistic of a settlement in the dispute, which could involve criminal charges. “There is less than a 1 percent chance of a settlement before the court case,” one told Arab News as the talks went on ever more contentiously. “The two sides are too far apart, there is no common ground,” said another.
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