Abraaj founder reaches out-of-court settlement over bounced cheque case - The National

Abraaj founder reaches out-of-court settlement over bounced cheque case - The National:

Arif Naqvi, the founder of embattled private equity firm Abraaj Goup, has reached an out-of-court settlement with a founding shareholder, Hamid Jafar, in regards to a case over a Dh798 million bounced cheque, lawyers said on Tuesday.

"The parties have reached a full settlement on all disputes with Mr Jafar," Habib Al Mulla, executive chairman of Baker McKenzie Habib Al Mulla, which is acting for Mr Naqvi. "Under UAE Criminal Law charges based on bounced cheques get extinguished once parties reach a settlement. Accordingly, the parties will apply to the court and the public prosecution to withdraw the cases brought on the bounced cheques."

Mr Al Mulla told The National an arrest warrant for Mr Naqvi has been lifted.