December 15, 2019

Arif Naqvi’s lawyer to defend him against airline lawsuit

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By Murtaza Ali Shah From THE NEWS PK LONDON: The lawyer of Abraaj founder and well-known Pakistani emerging markets magnate Arif Naqvi has vowed to strongly defend him against Air Arabia’s lawsuit against his client which has been issued while the settlement talks were underway between the two parties. Habib Al Mulla, executive chairman of […]

Abraaj founder ordered to pay litigation costs in Cayman Islands court

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By Pedro Goncalves From International Investment A Cayman judge has ordered the founder of troubled equity firm Abraaj to pay for the costs of a recent hearing in the jurisdiction regarding the company’s restructure attempts out of his own pocket. At the hearing, Abraaj’s largest creditor, Kuwait’s Public Institution for Social Security  argued that Dubai-based company  […]

Judgment in ‘bounced cheque’ case against Abraaj CEO postponed to Aug 28

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Reuters, Sharjah, UAE From Alarabiya A United Arab Emirates court postponed judgment until Tuesday in a case against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, two lawyers close to the case said. The criminal case in the emirate of Sharjah relates to a […]

Abraaj posts $188 million loss after using investor funds

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From Bloomberg News (Bloomberg) — Abraaj Holdings had an “unusual” business model reliant on short-term borrowing, and key financial statements are missing or nonexistent, according to one of the firms tasked with salvaging the Dubai-based private-equity firm’s assets. In a report seen by Bloomberg News, PricewaterhouseCoopers said it has “been unable to obtain standalone annual […]

Colony Capital’s Abraaj deal faces investor resistance: sources

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By Hadeel Al Sayegh, Davide Barbuscia From Reuters DUBAI (Reuters) – U.S. investment manager Colony Capital’s deal to take control of four funds belonging to Dubai-based Abraaj is encountering investor resistance, four sources familiar with the matter said, piling further pressure on the embattled Middle East buyout firm. Colony’s offer last month to buy the […]

Abraaj founder Naqvi faces UAE court ruling over bounced cheque

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From The National Sharjah judge is scheduled on Thursday to rule whether Mr Naqvi and colleague Muhammad Rafique Lakhani issued cheque without necessary funds A public prosecutor in the UAE has accepted a criminal complaint against Abraaj Group’s founder Arif Naqvi for issuing a cheque without sufficient funds, in another blow to the embattled Dubai […]

Air Arabia shares fluctuate on exposure to Abraaj funds

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By Archana Narayanan and Filipe Pacheco From Bloomberg Air Arabia PJSC swung between gains and losses after the airline disclosed exposure to funds managed by Abraaj Group Ltd., the Dubai-based private equity firm that’s battling creditors. The shares fell as much as 3.8 percent in Dubai before rising 2.9 percent. Trading volume was at about […]