A United Arab Emirates court postponed judgment until Tuesday in a case against Arif Naqvi, the founder of private equity firm Abraaj, and another executive for issuing a dud check, two lawyers close to the case said.
The criminal case in the emirate of Sharjah relates to a check for 798.9 million dirhams ($218 million), signed by Naqvi and fellow executive Rafique Lakhani, and written to Hamid Jafar, another founding shareholder in Abraaj.
Dubai-based Abraaj, which has investment in Indorama Fertilizers in Nigeria, has filed for provisional liquidation in the Cayman Islands after months of turmoil related to a row with investors over the use of their money in a $1 billion healthcare fund. Liquidators are also seeking to sell its investment management business.
Zafer Oghli and Khalid al-Bannay, lawyers for Jafar, told reporters the session was postponed until Tuesday.
Naqvi’s lawyer Habib al-Mulla said the hearing had been…
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