Dubai – Mubasher: A Sharjah court has dismissed an AED 177.1 million ($48 million) bounced cheque case against the ailing private equity firm Abraaj Group’s founder Arif Naqvi and another executive.
Judge Natheer al-Sousi stated that the dismissal stemmed from the waiving of the claim by the plaintiff, according to Reuters.
Abraaj’s troubles began after allegations of money misuse in its $1 billion healthcare fund.
In June, the Dubai-based investment firm filed for bankruptcy. It is reportedly undergoing a mega-restructuring plan.
Since June, hosts of companies, particularly in the UAE, have disclosed their exposure to Abraaj. Such companies included Air Arabia’s AED 1.2 billion exposure, Al Qudra Investments, and Commercial Bank of Dubai (CBD).
Analysts previously told Mubasher that companies’ disclosures of the level of their exposure to Abraaj would boost investor confidence in the markets.
