July 5, 2018 / 6:50 AM / 9 months ago

UAE court adjourns bounced cheque case of Abraaj founder until July 11

DUBAI, July 5 (Reuters) - A Sharjah court has adjourned until July 11 a case involving the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, a lawyer involved in the case said on Thursday.

The Sharjah court case relates to a cheque for 177.1 million dirhams ($48 million), signed by Naqvi and a fellow executive, and written to Hamid Jafar, another founding shareholder in Dubai-based Abraaj, according to a prosecution document.

Khalid al-Bannay, from Al Tamimi & Co, the law firm representing Jafar, said the court has adjourned the case until July 11. Naqvi’s lawyer was not present at the hearing and could not be reached for immediate comment.

The court case in Sharjah, one of the United Arab Emirates, is another challenge for the founder of Abraaj, which is battling allegations that it misused investor money in a healthcare fund. The firm has denied these allegations.

Naqvi is the single biggest shareholder of Abraaj Holdings which owns the investment management business, partly being sold to U.S. buyout firm Colony Capital.

Abraaj, the Middle East and North Africa’s biggest private equity firm, has filed for provisional liquidation in the Cayman Islands. (Reporting by Tom Arnold and Aziz El Yaakoubi; Writing by Saeed Azhar; editing by Ghaida Ghantous and Jason Neely)

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