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Arif Naqvi's lawyer defends him against the airline's lawsuits
LONDON: The lawyer of Abraaj's founder, Arif Naqvi, a well-known tycoon of Pakistan's emerging markets, has pledged to defend him firmly against the lawsuit filed by Air Arabia against his client, who has been launched while settlement talks were underway.
Habib Al Mulla, executive chairman of Baker McKenzie Habib Al Mulla, said it was surprising that Air Arabia had started the lawsuit while the talks were going on amicably and that it was it was not necessary to initiate such action against Naqvi, based in London.
Habib Al Mulla said the Air Arabia complaint had no basis, but that it was subject to the pending liquidation and arbitration process. He said the two sides have regularly engaged in negotiations to find a solution
"settlement amicably.
"We will vigorously defend Mr. Naqvi and plan to present a full defense to the Prosecution in order to prove that this criminal complaint has no substance," said Mr. Al Mulla.
"Negotiations are regularly held between the parties to reach an amicable settlement," said Mulla.
A lawsuit is also surprising because the complaint of Air Arabia, which relates to the loan it has granted to Abraaj, is related to the company and not to its founder, said the lawyer in a statement.
"The responsibility in question belongs to Abraaj and not to Mr. Naqvi." Mr. Naqvi was merely a guarantor, and his actions in this case were to the advantage of Abraaj, "said Al Mulla. "The claim in question is part of the interim liquidation procedure underway in the Cayman Islands, it is also governed by an international arbitration clause and Air Arabia has already filed an arbitration application."
The lawyer said that Air Arabia's decision to file a complaint against Mr Naqvi indicated "bad faith" on the part of the airline.
"We are surprised by the measures taken by Air Arabia to resume criminal prosecution." It is obviously an attempt to pressure for gains to which it is not entitled under the interim liquidation or international arbitration procedure, "he said. "It is an abuse of the legal system and bad faith on the part of Air Arabia."
Mr. Naqvi's legal team does not have access to the complaint file and therefore is not aware of the charges against Mr. Naqvi, but will attempt to obtain a copy said Mr. Al Mulla.
Air Arabia has initiated a criminal case against the Pakistani business mogul following the bankruptcy of the private equity firm based in Dubai. The legal action of the Sharjah-based airline followed an arbitration proceeding in July.
Abraaj Group, which was once the largest private equity firm in the Middle East, which was managing about $ 14 billion at its peak, collapsed last year after allegations of use. abusive investor funds, but there is no personal allegation of wrongdoing against Arif Naqvi. Arif Naqvi's lawyers said that Abraaj was in the process of restructuring under judicial control in the Cayman Islands and that he was trying to sell parts of the business to repay more money. $ 1 billion in debt.
In a statement, Air Arabia said the court record follows a previous arbitration procedure held in July.
"Air Arabia has ongoing investments with the private equity firm Abraaj," the statement said.
In June, Air Arabia announced a $ 336 million exposure to Abraaj through portfolios of short-term funds and loans.
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