UAE court sentences Abraaj CEO in bounced cheque case, lawyer says settlement reached | Reuters:
A United Arab Emirates court sentenced the founder of private equity firm Abraaj, Arif Naqvi, and another executive to three years in prison for issuing a cheque without sufficient funds, according to court documents and two court clerks on Tuesday.
But Naqvi’s lawyer Habib Al Mulla said in an email that the parties had reached a settlement.
The criminal case in the emirate of Sharjah relates to a cheque for 798.9 million dirhams ($218 million), signed by Naqvi and Rafique Lakhani, and written to Hamid Jafar, another founding shareholder in Abraaj.
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