UPDATE: A Sharjah court has adjourned until July 5 a judgment against Arif Naqvi, the founder of embattled private equity firm Abraaj Group, in a criminal case for issuing a cheque without sufficient funds.
The prosecution has asked the court for Mr Naqvi to receive the maximum sentence possible in this case of three years in jail.
The case relates to a Dh177.1 million cheque jointly signed by Mr Naqvi and Abraaj executive Rafique Lakhani, and issued to Hamid Jafar, another founding shareholder in Abraaj.
It was used as partial security for around US$300m (Dh1.1bn) of loans made to Abraaj by Mr Jafar, whose lawyers claim Mr Naqvi had no intention of repaying.
Mr Naqvi and Mr Lakhani were summoned to the court on Thursday, but did not attend the hearing. Mr Jafar’s legal representative, Hassan Arab of UAE law firm Al Tamimi & Company, told the court the pair should be convicted based on the details of the offence held in court records.
“We have the right to file a civil case following the issuance of a verdict in the current criminal case,” Mr Arab said. The cheque was issued in February this year and bounced because of insufficient funds, he added.
The decision was expected, said Mr Naqvi’s lawyer Habib Al Mulla, the executive chairman of Baker McKenzie Habib Al Mulla. “It is a normal procedure for courts in the UAE to adjourn the case to render its judgment.
“We expect the court to issue the judgment unless the parties reach a settlement before that. We still believe that this is a commercial transaction and should be dealt with in a commercial context. Resorting to criminal pressure does not help in solving the issue.”
He told The National on Wednesday that Mr Naqvi would not attend the court hearing because he could be arrested if he did. UAE authorities issued an arrest warrant against the defendant over the bounced cheque in advance of Thursday's hearing.
_______________
Read more:
Abraaj founder Naqvi to skip hearing to avoid possible arrest
Abraaj founder Naqvi faces UAE court ruling over bounced cheque
Abraaj restructuring request approved by Cayman Islands court
_______________
Essam Al Tamimi, managing partner of Al Tamimi & Company and the lead lawyer acting for Mr Jafar, said in a statement on Thursday: “Three cheques signed by Arif Naqvi totaling an amount of $300m were presented to the bank and subsequently dishonoured due to insufficient funds.
“These cheques stem from an emergency short-term loan made to Abraaj management six months ago without which Abraaj would likely have collapsed. We are pursuing claims for the full sums owing under these cheques.
“The loan was a reflection of the trust placed in Arif Naqvi. In time, however, it has emerged that the promises were not made in good faith, and that there was no intention of repaying the debt.”
He added that over the past day “the accused has made attempts to negotiate a resolution of this claim but without acceptable proposals and yielding no result”.
Abraaj declined to comment further but Mr Al Mulla said: "This statement in not correct. The parties have been in continuous discussion on repayment terms and the cheques and the complaint to the prosecution were submitted during the course of the negotiations."
Thursday's hearing is the latest twist in the unravelling of Abraaj, which was once the Middle East’s biggest private equity firm with more than $13.6bn of assets under management at its peak. It has been left reeling over investor claims this year that it misused funds in a $1bn health-care investment vehicle. Abraaj denies any wrongdoing.
An Abraaj spokeswoman on Sunday confirmed that a loan was granted and security was provided in a pure commercial transaction.
"Partial repayment has been made and settlement discussions are ongoing with the intent to arrive at a satisfactory solution for all parties. It should be noted that the cheques were provided as part of a security package and as such should not have been submitted to a criminal court,” the spokeswoman added at the time.
As it stands in Pool A
1. Japan - Played 3, Won 3, Points 14
2. Ireland - Played 3, Won 2, Lost 1, Points 11
3. Scotland - Played 2, Won 1, Lost 1, Points 5
Remaining fixtures
Scotland v Russia – Wednesday, 11.15am
Ireland v Samoa – Saturday, 2.45pm
Japan v Scotland – Sunday, 2.45pm
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
%3Cp%3EDirectors%3A%20Joaquim%20Dos%20Santos%2C%20Kemp%20Powers%2C%20Justin%20K.%20Thompson%3Cbr%3EStars%3A%20Shameik%20Moore%2C%20Hailee%20Steinfeld%2C%20Oscar%20Isaac%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
RACE CARD
4pm Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m
4.35pm Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m
5.10pm Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m
5.45pm Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m
6.20pm Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m
7.30pm Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
