Arif Naqvi, the founder of the Dubai-based Abraaj Group, faces a new criminal case over a bounced cheque, complicating ongoing negotiations between Mr Naqvi and a creditor to reach an out-of-court settlement over unpaid debts, his lawyer said.
The value of the bounced cheque is Dh798 million and a hearing has been scheduled in the UAE on August 14, Habib Al Mulla, executive chairman of Habib Al Mulla Baker Mackenzie, told The National via email on Tuesday.
Earlier this month, a court in Sharjah dismissed a bounced cheque case brought against Mr Naqvi by Hamid Jafar – another founding shareholder in Abraaj – after the parties reached a provisional out-of-court settlement, according to their lawyers.
That case related to a cheque for Dh177.1 million ($48m), jointly signed by Mr Naqvi and an Abraaj executive Rafique Lakhani, and was made out to Mr Jafar. The cheque was used as partial security for around $300m of loans made to Abraaj by Mr Jafar.
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Read more:
Sharjah court dismisses Abraaj founder bounced cheque case
Sharjah court adjourns hearing on Abraaj founder's bounced cheque case to July 11
String of UAE firms disclose exposure to Abraaj Group
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The new case relates to a second cheque used by Mr Naqvi as partial security for the loans, Mr Al Mulla said. “Mr Jafar has submitted it to the prosecution,” he said.
Essam al Tamimi, senior partner at Tamimi and Co and attorney for Hamid Jafar, said there is no longer a settlement.
"The accused has already reneged on what was promised. There has been no settlement, and the matter is for the criminal court under UAE law," he told The National.
After the first case was dismissed, Mr Al Mulla told The National that the "interim" settlement between the two parties covers the entire $300m of loans, not just the Dh177.1m bounced cheque. "The settlement relates to the total outstanding amount," he said.
A spokesman for Mr Jafar confirmed at the time that there was an interim settlement, but a final one has "yet to be reached”. Mr Jafar is now pursuing a fresh bounced cheque claim against Mr Naqvi, according to Mr Al Mulla, who maintained on Tuesday that “a [provisional] settlement has been reached and this case should not have been filed as the settlement should include all cheques for the same loan.
"There are fine details that are still pending and this is a way of exercising pressure to reach a settlement," he told The National.
The punishment for issuing a bounced cheque under UAE law can be jail or a fine. Mr Naqvi, who is in the UK but a Dubai resident, did not attend the hearings for the first case this month, and is not expected to attend the one on August 14.
The new case is the latest blow in a five-month saga involving Dubai-based Abraaj, the private equity firm that is accused of mismanaging investors’ money in a $1 billion healthcare fund. Abraaj has denied the allegations.
Once the biggest private equity firm in the Middle East and North Africa region with about $14bn in assets under management, Abraaj is undergoing a court-supervised restructuring in the Cayman Islands as it seeks a resolution with creditors.
Last month it agreed to sell a chunk of its businesses including its investment management unit to US-based Colony Capital. The sale has yet to complete.
In the meantime, prospective buyers are circling Abraaj, seeking to acquire other parts of its business and funds at fire-sale prices. The provisional liquidators are seeking more bids for the embattled firm’s funds management unit after investors rejected some earlier offers, Bloomberg reported on Tuesday.
Interested buyers reportedly have until August 24 to bid for all of the asset-management platform or some of its private equity funds.
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TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
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KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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Results
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SPECS
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%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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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.
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The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Profile of VoucherSkout
Date of launch: November 2016
Founder: David Tobias
Based: Jumeirah Lake Towers
Sector: Technology
Size: 18 employees
Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake
Investors: Seed round was self-funded with “millions of dollars”
'Midnights'
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Company%20profile
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Company%20Profile
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COMPANY%20PROFILE
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