Abraaj Founder Faces New Criminal Case Over Another Bounced Cheque

Published August 1st, 2018 - 06:20 GMT
To date, Naqvi denies wrongdoing, and remains outside the UAE after a warrant for his arrest had been issued. (AFP)
To date, Naqvi denies wrongdoing, and remains outside the UAE after a warrant for his arrest had been issued. (AFP)

Sharjah-based Crescent Group founder Hamid Jafar has filed a $217 million (AED798 million) bounced cheque case not even two weeks after both parties reached an out of court agreement for a $300 million bounced cheque case, reported Arabian Business.

The hearing for the case has been scheduled for 14 August, according to Naqvi’s representative and chairman of law firm Baker McKenzie, Dr Habib Al Mulla, who had said that the initial case originally a commercial case and should have been settled amicably from the outset.

In June this year Naqvi ceded control of Abraaj Group following claims by several investors, including the Bill and Melinda Gates Foundation, called for an investigation into the alleged misuse of money in a $1 billion healthcare fund.

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Bounced-Cheque Case Dropped Against Abraaj Founder

To date, Naqvi denies wrongdoing, and remains outside the UAE after a warrant for his arrest had been issued, Arabian Business reported.


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