UAE court sentenced the CEO of firm Abraaj in bounced cheque case

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By: Middle East Affairs

According to court documents and two court clerks on Tuesday said: “UAE court condemned the originator of private value firm Abraaj, Arif Naqvi, and another official to three years in jail for issuing a check without adequate assets.”

“The parties had achieve a settlement,” Naqvi’s legal counselor Habib Al Mulla said in an email.

It should be noted that the criminal case in the emirate of Sharjah identifies with a check for 798.9 million dirhams ($218 million), marked by Naqvi and Rafique Lakhani, and kept in touch with Hamid Jafar, another establishing investor in Abraaj.

According to the court documemts, the court decided that Naqvi and Lakhani should cover the legitimate expenses.

Habib Al Mulla stated: “Under UAE Criminal Law charges in view of bobbed checks gets doused once parties achieve a settlement. In like manner, the gatherings will apply to the court and the general population indictment to pull back the cases.”

Jafar’s legal counselors couldn’t be quickly gone after a remark. Naqvi is outside the nation and Lakhani couldn’t be gone after a remark.

Moreover, Dubai-based Abraaj has petitioned for temporary liquidation in the Cayman Islands following quite a while of unrest identified with a column with speculators over the utilization of their cash in a $1 billion human services finance. Vendors are additionally looking to offer its speculation administration business.

Arif Naqvi is the single greatest investor of Abraaj Holdings, which claims the association’s speculation administration business.

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