Abraaj founder Arif Naqvi reaches settlement in bounced-check case: Bloomberg

DUBAI: Arif Naqvi, the founder of Dubai-based private-equity firm Abraaj Group, has reached a settlement with Crescent Group’s Hamid Jafar in a $217 million bounced-check case, Bloomberg reported quoting his lawyer.

The announcement comes after a court in the United Arab Emirates sentenced Naqvi -- who is outside the country -- and another executive, Rafique Lakhani, to three years in jail and ordered them to pay court expenses, according to court documents seen by Bloomberg. The verdict was issued on Aug. 26, the documents show.

“Under U.A.E. criminal law, charges based on bounced checks get extinguished once parties reach a settlement,” Habib Al Mulla, Naqvi’s lawyer and executive chairman of law firm Baker & McKenzie Habib Al Mulla, said in an email. “Accordingly, the parties will apply to the court and the public prosecution to withdraw the cases brought on the bounced checks.”