[ad_1]
Emirati court abandons lawsuit against Arif Naqvi founder of the towers
07:01
Sunday, July 15th, 2018
A UAE court dropped a criminal complaint against Arif Naqvi, the founder of Abraj and another officer, by issuing a check without sufficient credit after the plaintiff withdrew his complaint.
The expiry of the lawsuit gives the opportunity to remain still while Abraj seeks to sell investor confidence in Abraaj, the largest direct investment company in the Middle East , was shaken by investors with a $ 1 billion health fund. Stop fundraising activities and ignite the problem of debt repayment problem. Abraj denies reprehensible act
A court document revealed that the case involved a check of 177.1 million dirhams ($ 48 million) signed by Naqvi and a company leader, Mohammed Rafiq Lakhani, in favor of Hameed Jafar, founding shareholder of Abraj
. "The case was dropped after the plaintiff gave up the case," said Judge Nazir al-Sousi
a court decision was rendered last week on the check and other debts of Jafar. "For us, an agreement has been reached Z When this happens, there will be no restrictions on Mr. Naqvi's return to the country."
Advisor Jaafar said had been entered into a temporary agreement with Naqvi , but there is still no final settlement, he has refrained from confirming the figure of 300 million dollars
PWC, the interim liquidator of the towers, provided an unsecured loan of 300 Millions of dollars by Jaafar in a July 11 report that was seen by Reuters.
Sharjah last month ordered the arrest of Naqvi and Lakhdani because of the check issue.
In February, Naqvi transferred Abraaj to two co-CEOs, the company was divided into Abraaj Holding and made an investment manager.The second company was put up for sale
Naqvi remains the largest shareholder of the company. Abraaj Holding and a member of its board of directors. American Lonie offered to buy the unit that runs the tours in Latin America, Sub-Saharan Africa, North Africa and Turkey.
[ad_2]
Source link
