Mubasher: The judgement on the lawsuit filed against Arif Naqvi, founder of the private UAE equity firm Abraaj, has been adjourned to Tuesday, 28 August.
A Sharjah court has heard the cheque bounce case on 14 August and the ruling was supposed to be reserved to Sunday, 26 August, but it was adjourned, Gulf News reported.
“This is second such case against Naqvi to be heard in a court in the UAE. The case relates to a cheque worth $217 million (AED 798 million) issued by Naqvi to Sharjah-based Crescent Group founder Hamid Jafar,” Gulf News added.
On 15 July, A Sharjah court has dismissed an AED 177.1 million ($48 million) bounced cheque case against the ailing private equity firm Abraaj’s founder Arif Naqvi and another executive as they were exonerated.
It is noteworthy that cheque bounce is a criminal complaint in the UAE and thus Naqvi could face a jail term if found guilty.
