Arif Naqvi Image Credit: Atiq-ur-rehman/ Gulf News Archives

Dubai: A Sharjah court, which heard the cheque bounce case against Arif Naqvi, founder of private equity company Abraaj and a colleague, Mohammad Rafique Lakhani this morning (Thursday) postponed the case for further hearing to July 11.

An advisor of Hamid Jafar, who attended the case, said this will give all parties additional time to try to reach a viable negotiated settlement.

Dubai-based Abraaj has restructuring approved by Cayman Islands court

The court decision has come as a relief to embattled private equity firm that is facing various legal challenges, including a cheque bounce case in the UAE.

The cheque bounce relates to approximately $300 million (Dh1.1 billion) loans from Hamid Jafar, the founder of the Sharjah-based Crescent Group to Abraaj and Naqvi.

Last month, the public prosecutor’s office in Sharjah issued arrest warrants against Naqvi and Lakhani.

While Naqvi is represented by Dr Habib Al Mulla, executive chairman at Baker McKenzie Habib Al Mulla, Hamid Jafar is represented by Essam Al Tamimi, Senior Partner at al Tamimi & Co.