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National

July 5, 2018

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UAE court announces Abraaj case judgment today

DUBAI: The court in the United Arab Emirates (UAE) will announce today (Thursday) its judgement in the case against Pakistani founder of private equity and investment firm Abraaj Group, Arif Naqvi, for issuing cheques without sufficient funds.

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 reports, the founder of Dubai-based group Abraaj faces a possible three-year jail term for the offence. In the United Arab Emirates (UAE), cheque bounce is treated as criminal offense.

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