Dubai – Mubasher: A court in Sharjah, UAE, has adjourned the case against the founder of Abraaj Group Arif Naqvi to the fifth of July to issue its ruling.
Naqvi was accused of issuing a bounced cheque worth millions of dollars and is facing a three-year jail sentence.
The top official did not attend the hearing, as he is now outside the UAE, Habib al-Mulla, Naqvi’s lawyer, said.
Earlier in June, Abraaj filed for liquidation, as a response to a group of liquidation petitions after the company was hit by money misuse allegations.
Cayman Islands court has approved a request submitted by Abraaj Group for a provisional liquidation of its business, allowing for a court-supervised restructuring and the protection of stakeholders’ rights.
Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits discovered that the UAE-based company commingled investor funds with its own money in the healthcare fund.
