Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Arif Naqvi, the founder of Abraaj Group that has been roiled by allegations of misused investor money, faces a criminal case in the United Arab Emirates for issuing a check without sufficient funds.Checks were issued as a security on a loan of about $200 million to Abraaj and $100 million to Naqvi by the UAE-based Jafar family, according to Habib Al Mulla, executive chairman of Baker McKenzie Habib Al Mulla, who is representing Naqvi.A review of Abraaj's finances found there was commingling of Abraaj's own money in the health care fund and its fourth private-equity fund, according to a summary of a report by Deloitte that was presented to creditors and seen by Bloomberg News.
FOLLOW THIS ARTICLE