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Sharjah court to issue verdict in Abraaj case on July 15

On Wednesday, representatives of Hamid Jafar submitted papers in the court to drop the case

Arif Naqvi, founder and group chief executive of Abraaj Capital
Image Credit: Bloomberg
Arif Naqvi

Sharjah: A Sharjah court on Wednesday adjourned the case against Arif Naqvi, founder of private equity company Abraaj  to July 15 when a verdict is likely to be issued.

During the last hearing on July 5 in the cheque bounce case, the court had postponed the hearing to July 11, giving time to all parties and their lawyers to reach a negotiated settlement.

Despite, media reports suggesting that the parties have reached a settlement, sources from both sides told Gulf News that they have not yet reached an agreement on the case.

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

On Wednesday, representatives of Jafar submitted papers in the court to drop the case. 

Last week after the court postponed the case, an adviser of Jafar who attended the case said this [postponing of the case] would give all parties additional time to try reach a viable negotiated settlement.

While both the parties have confirmed ongoing negotiations, at the time of going to the press, a source said: “No resolution so far, nothing is signed.”

Last month, the public prosecutor’s office in Sharjah issued an arrest warrant against Naqvi and Lakhani. While Naqvi is out of the country, he 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.