iPhone | iPad
Android
Huawei
KT APPDOWNLOAD
Abraaj founder strikes deal in cheque case
Arif Naqvi has reached an out-of-court settlement in the Dh798 million bounce cheque case.
dubai - Arif Naqvi reached an out-of-court settlement in the Dh798 million bounce cheque case
Zafer Oghli, partner of Al Tamimi & Co., who is representing Hamid, said all the criminal proceedings against Naqvi have been discontinued.
"The parties have agreed terms for the resolution of the current proceedings before the Sharjah Criminal Court relating to a dishonoured cheque issued by Mr Arif Naqvi and another individual. As a result, all criminal proceedings relating to this case have been discontinued," said Oghli.
The Abraaj chief is alleged to have issued a cheque to Jafar which bounced due to the lack of funds in the account.
Dr Habib Al Mulla, chairman, Baker McKenzie Habib Al Mulla, who was representing Naqvi, said the two parties had reached a full settlement on all disputes.
"I am pleased to inform you that the parties have reached a full settlement on all disputes with Mr. Jafar. 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 brought on the bounced cheques," Dr Al Mulla said.
"This is a good outcome for both parties to what is in essence a commercial dispute. We are pleased that the parties have settled their issues in professional and business-oriented manner," Dr Al Mulla said.
The two parties had also reached an out-of-court settlement earlier in a case involving a bounced cheque worth Dh177 million in July.
The Abraaj Group is currently undergoing a court-supervised restructuring after it was accused of fund mismanagement of $1 billion. But the private equity firm, which was the largest in the Middle East and North Africa with $13 billion assets under management, has consistently denied these charges. Currently, court-appointed liquidators are seeking to settle more than $1 billion in debts.
- waheedabbas@khaleejtimes.com
More news from
Mount Etna is one of Europe's most active volcanoes and is the tallest active volcano in the region
Companies caught violating the rule will be fined Dh5,000 for each employee found working outdoors during the midday break
The compound in the industrial zone was completely gutted and trees in the area were torched
Indian tourists stay in the Southeast Asian destination for an average of eight nights and spend $100 per person per day
Omar Al Marzouqi, who won silver medal in individual showjumping at the Youth Olympics in 2018, will serve as the country’s flag-bearer during the Opening Ceremony
The authority has urged motorists to drive cautiously and to abide by traffic rules and regulations
Anticipation is high as the prestigious QPL T20 League prepares to announce its organiser, setting the stage for a thrilling showcase of global T20 talent and fierce competition