Founder of Middle East's Abraaj faces fresh criminal action | Reuters:
Arif Naqvi, the founder of Abraaj, the Middle East’s largest private equity firm, is facing fresh criminal charges over accusations of issuing a cheque without sufficient funds, lawyers said.
The case brought by Hamid Jafar, another founding shareholder in United Arab Emirates-based Abraaj, comes as the company’s provisional liquidators seek to sell its investment management business.
The claim, which relates to a bounced cheque for 798 million dirhams ($217.3 million), is set to be heard by a Sharjah court on August 14, said Habib al-Mulla, a lawyer for Naqvi.
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