While Naqvi is out of the country, the arrest warrant is expected to remain valid
Duabai: A Sharjah court Thursday adjourned until July 5 a judgment on the bad cheque case against Arif Naqvi, founder of private equity company Abraaj and a colleague, Mohammad Rafique Lakhani.
The public prosecutor’s office in Sharjah issued arrest warrants earlier this month against Arif Naqvi and Lakhani.
While Naqvi is out of the country, the arrest warrant is expected to remain valid. Private equity industry sources and independent analysts said, criminal proceedings against Naqvi in the UAE could seriously jeopardize company’s efforts to liquidate assets and pay lenders and investors.
Abraaj and its lawyers said they were surprised by the cheque bounce case and the subsequent arrest warrant. Naqvi is represented by Dr Habib Al Mulla, executive chairman at Baker McKenzie Habib Al Mulla, who argues that the cheques were provided as security for the loans.