DUBAI: A United Arab Emirates (UAE) court has adjourned the hearing until July 11 in a criminal case against Arif Naqvi, the founder of private equity firm Abraaj, and another executive for issuing a cheque without sufficient funds, the local UAE media reported.
On July 2, the prosecution had asked the court for Arif Naqvi to receive the maximum three-year sentence. The punishment for issuing a bounced cheque under the UAE law can be jail or a fine.
The complaint against Arif Naqvi and another Abraaj director, Muhammad Rafique Lakhani, was filed in Sharjah over two cheques worth approximately $300 million.
According to the UAE media, Arif Naqvi’s lawyer Habib Al Mulla, the executive chairman of Baker McKenzie Habib Al Mulla, was not present at the court hearing that was scheduled for Thursday.