UPDATE 1-Abraaj founder's bounced cheque case settled after court ruling | Reuters:
A dispute over a $218 million bounced cheque signed by the founder of stricken private equity firm Abraaj and another executive has been settled, ending criminal proceedings against the two men, lawyers from both sides said on Tuesday.
The statements by the two lawyers came after a United Arab Emirates (UAE) court sentenced Abraaj founder Arif Naqvi and the other executive to three years in prison.
“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,” Naqvi’s lawyer Habib al-Mulla told Reuters.
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