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

Opinion

Reservations about SNC
Updated 21 Jun 2021

Reservations about SNC

The volume of the subject matter to be covered in an academic year which is usually seven and a half months long is frightening.

Editorial

Poll consensus
Updated 21 Jun 2021

Poll consensus

If the govt is reluctant to take part in an APC on poll reforms, then it must ensure that parliament can be used for this purpose.
21 Jun 2021

Global displacement

THE number of globally displaced persons shared by the UN’s refugee agency in a report released on Friday is...
21 Jun 2021

KP budget

THE KP budget 2021-22 is a sort of please-all document that hands out something to almost everyone in the hope of...
20 Jun 2021

More vaccines needed

THE vaccination rate in the country has slowed in recent days and could result in a crisis if not addressed...
20 Jun 2021

Balochistan protest

THE clashes outside the Balochistan Assembly on budget day were unfortunate. But they had been waiting to happen. ...
Silent victims
Updated 20 Jun 2021

Silent victims

THE deafening silence of political authorities, including leaders from the religious right, on the Mufti Azizur...