The lawyer for Abraaj founder Arif Naqvi said Air Arabia's law suit against his client is surprising, given that the parties were in settlement talks and plan to file a defence by the end of this week.
Habib Al Mulla, executive chairman of Baker McKenzie Habib Al Mulla, said Air Arabia's complaint has no basis as it is subject to the continuing provisional liquidation and arbitration process. Mr Al Mulla questioned the timing of the low-cost carrier's legal action against Mr Naqvi as both parties have been in regular negotiations to reach an amicable settlement.
"We will vigorously defend Mr Naqvi and plan to submit a full defence to the prosecution to prove that this criminal complaint has no substance whatsoever," Mr Al Mulla said in an emailed response to questions from The National.
Air Arabia declined to comment on Saturday.
On Wednesday Air Arabia filed a misdemeanour case against Mr Naqvi, becoming the first publicly-listed company to start legal proceedings against the Abraaj founder in relation to the collapse of the Dubai-based private equity company. The Sharjah-based airline's legal action followed arbitration proceedings in July. Air Arabia, which has a market value of approximately Dh4.8 billion, disclosed in June it had an exposure of $336 million to Abraaj through funds and short-term loans, making it one of the companies with the biggest exposure to the group.
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Read more:
Air Arabia files misdemeanour case against Abraaj founder in Sharjah court
Quick take: Abraaj put it in the mainstream but what is commingling of funds?
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Abraaj Group, once the Middle East's biggest private equity company, which at its peak managed about $14bn, collapsed last year after allegations of misuse of investors' funds. It is undergoing a court-supervised restructuring in the Cayman Islands and trying to sell off parts of the business to pay off more than $1bn in debt.
"Negotiations between the parties have been regularly taking place in order to reach an amicable settlement," Mr Al Mulla said.
Legal action is also surprising because Air Arabia's claim, which centres on the loan that it gave to Abraaj, is related to the company and not to its founder, the lawyer said.
"The liability in question is Abraaj’s and not Mr Naqvi’s. Mr Naqvi was merely a guarantor. His actions in this matter were for the benefit of Abraaj," Mr Al Mulla said. "The claim in question is part of the provisional liquidation proceedings taking place in Cayman. The claim is also governed by an international arbitration clause and Air Arabia has already filed a request for arbitration."
Mr Al Mulla said Air Arabia's move to file a lawsuit against Mr Naqvi indicates "bad faith" on the airline's part.
"We are surprised by Air Arabia’s action to revert to criminal proceedings. This is obviously an attempt to exercise pressure in order to achieve gains that it is not entitled to under the provisional liquidation proceedings or the international arbitration," he said. "This is an abuse of the legal system and shows bad faith on part of Air Arabia."
Mr Naqvi's legal team does not have access to the complaint file and is therefore not aware of what charges have been brought against Mr Naqvi, but will try to obtain a copy, Mr Al Mulla said.
Dubai-listed Air Arabia's shares gained 0.98 per cent at the market close on Thursday after the announcement of its legal action late on Wednesday.
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
%3Cp%3E1.%20Chad%3Cbr%3E2.%20Iraq%3Cbr%3E3.%20Pakistan%3Cbr%3E4.%20Bahrain%3Cbr%3E5.%20Bangladesh%3Cbr%3E6.%20Burkina%20Faso%3Cbr%3E7.%20Kuwait%3Cbr%3E8.%20India%3Cbr%3E9.%20Egypt%3Cbr%3E10.%20Tajikistan%3Cbr%3E%3Cbr%3E%3Cem%3ESource%3A%202022%20World%20Air%20Quality%20Report%3C%2Fem%3E%3C%2Fp%3E%0A
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
LA LIGA FIXTURES
Friday (UAE kick-off times)
Real Sociedad v Leganes (midnight)
Saturday
Alaves v Real Valladolid (4pm)
Valencia v Granada (7pm)
Eibar v Real Madrid (9.30pm)
Barcelona v Celta Vigo (midnight)
Sunday
Real Mallorca v Villarreal (3pm)
Athletic Bilbao v Levante (5pm)
Atletico Madrid v Espanyol (7pm)
Getafe v Osasuna (9.30pm)
Real Betis v Sevilla (midnight)
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
Biog
Age: 50
Known as the UAE’s strongest man
Favourite dish: “Everything and sea food”
Hobbies: Drawing, basketball and poetry
Favourite car: Any classic car
Favourite superhero: The Hulk original
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE%20
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Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
