UAE court to issue judgment against Abraaj founder on Aug. 26 -lawyer | Reuters:
A United Arab Emirates court will issue a judgment on August 26 against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, a lawyer involved in the case said on Tuesday.
This comes as Dubai-based Abraaj’s provisional liquidators seek to sell its investment management business.
The criminal case in the emirate of Sharjah relates to a cheque for 798 million dirham ($217.3 million), signed by Naqvi and a fellow executive and written to Hamid Jafar, another founding shareholder in Abraaj.
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