Arif Naqvi, Founder and Group Chief Executive of Abraaj Group attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich
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Arif Naqvi, the founder of embattled Dubai-based private-equity firm Abraaj Group, and Crescent Group's Hamid Jafar reached a settlement in a $217 million bounced-check case, Naqvi's lawyer said two days after a court sentenced him to prison. 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. Al-Tamimi & Co., the law firm acting for Jafar, confirmed that the parties have reached a settlement.
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