Adjournment of the judgment in the case of the checks of the founder of "Abraj" to next Wednesday

The Sharjah Criminal Court yesterday adjourned Arif Naqvi, the founder of the Abraaj Capital group, currently in the United Kingdom, and Mohammed Rafiq Lakhani, the group's general manager, accused of issuing a check of AED 177 million on Wednesday. The attorney general's office in Sharjah ordered the summoning of Naqvi and Lakhani last week for the release of a check for 177.1 million dirhams ($ 48 million), one of the defendants for Hamid Jafar, founding shareholder of Abraj.
Understanding
On the other hand, Dr. Habib al-Mulla, Naqvi's lawyer, that he was concluded "preliminary agreement" with the family of Jafar, after reaching an appropriate settlement for both parties, saying that the postponement gives the opportunity to complete the agreement. He added in a statement to the "economic statement" that there was an agreement between the parties on Wednesday night, with agreement on the terms and dates of payment and guarantees.

But the wording remains in a clear agreement. Mullah, who heads the Baker & McKinsey Habib Mulla office, explained that the next step would be to inform the court of the agreement.

This would end the case, or a conditional sentence, at the discretion of the judge. Jafar provided $ 300 million in syndicated loans, $ 200 million to Abraaj Capital and $ 100 million to Naqvi. Checks were pledged until the repayment mechanism and guarantees were agreed upon, and $ 33 million has been repaid. 19659003] Initiative
For its part, Khalid Al-Bannai of Tamimi and law firm, which represents Jafar told Reuters: Up to now, there is no evidence agreement, and to reach an agreement, at least one initiative of the defendants is required.

The Abraaj crisis began to emerge when a group of investors, including the Bill and Melinda Gates Foundation and the International Finance Corporation, use their money in a health care fund.

Nakafi is the largest shareholder of Abraaj Holding, which has an investment management business, some of which is sold to the American colonial company Colony Capital. Abraaj, the largest direct investment company in the Middle East and North Africa region, has filed for temporary liquidation in the Cayman Islands.