A court case involving the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds has been settled out of court.
The Sharjah court presided by Nazeer Soosi dropped the case as the two parties reached an agreement.
The case relates to a cheque for Dh177.1 million ($48 million), signed by Naqvi and a fellow executive, and written to Hamid Jafar, another founding shareholder in Dubai-based Abraaj, a prosecution document showed.
Habib Al Mulla, the lawyer representing Naqvi, had said last week that a settlement might be agreed.
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On Wednesday, Reuters quoted two sources involved in the case as having said that Hamid Jafar was expected to drop the case against Naqvi and his colleague.
By Amira Agarib
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