DUBAI: The founder of embattled Dubai-based group Abraaj, the region’s largest private equity firm, faces a possible three-year jail term over bounced cheques for millions of dollars, lawyers said on Thursday.

A court in the UAE city of Sharjah will issue its ruling on July 5 in the case against Arif Naqvi, who did not attend a hearing held on Thursday as he was outside the country, said his lawyer Habib al-Mulla.

The UAE public prosecutor has issued a warrant for Naqvi’s arrest.

Essam al-Tamimi, a lawyer for the plaintiffs, said the prosecution was seeking a jail term of three years for Naqvi for “dishonouring” three cheques worth a combined $300 million.

The cheques were signed by Naqvi for a short-term loan provided by the plaintiffs six months ago “without which Abraaj would likely have collapsed,” Tamimi said in a statement.

The case was sent to court after Naqvi showed “no intention of repaying the debt”, Tamimi said.

Published in Dawn, June 29th, 2018

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Plugging the gap
06 May, 2024

Plugging the gap

IN Pakistan, bias begins at birth for the girl child as discriminatory norms, orthodox attitudes and poverty impede...
Terrains of dread
Updated 06 May, 2024

Terrains of dread

Restored faith in the police is unachievable without political commitment and interprovincial support.
Appointment rules
Updated 06 May, 2024

Appointment rules

If the judiciary had the power to self-regulate, it ought to have exercised it instead of involving the legislature.
Hasty transition
Updated 05 May, 2024

Hasty transition

Ostensibly, the aim is to exert greater control over social media and to gain more power to crack down on activists, dissidents and journalists.
One small step…
05 May, 2024

One small step…

THERE is some good news for the nation from the heavens above. On Friday, Pakistan managed to dispatch a lunar...
Not out of the woods
05 May, 2024

Not out of the woods

PAKISTAN’S economic vitals might be showing some signs of improvement, but the country is not yet out of danger....