Abraaj case hearing put off till tomorrow

dubai — A Sharjah court on Sunday postponed the hearing of the second bounced cheque case worth Dh798 million against Arif Naqvi, the founder of Abraaj Group.

Zafer Sheikh Oghli, partner and head of Sharjah office at Al Tamimi & Co., who is representing Hamad Jafar, the claimant and one of the investors in the private equity group, confirmed that the hearing has been adjourned till Tuesday, August 28.

Naqvi is represented by Dr Habib Al Mulla, executive chairman, Baker McKenzie Habib Al Mulla. Dr Al Mulla said the hearing has been adjourned for administrative reasons. The parties are still in constant discussions to reach a settlement.

Oghli said an out-of-court settlement would be welcome as the claimant wants his funds to be returned.

In an earlier case involving a bounced cheque worth Dh177 million, the two parties had reached an out-of-court settlement in mid-July.

Abraaj Group is currently undergoing a court-supervised restructuring after it was accused of fund mismanagement of $1 billion. But the private equity firm, which was the largest in the Middle East and North Africa with $13 billion assets under management, has consistently denied these charges. Currently, court-appointed liquidators are seeking to settle more than $1 billion in debts.

Last week, investors in the Abraaj Growth Markets Health Fund (AGHF) appointed global consulting firm AlixPartners to oversee the separation of AGHF from the Abraaj Group to ensure long-term success of the fund in delivering accessible, affordable and quality healthcare in developing countries. Investors in the fund include the Bill & Melinda Gates Foundation, CDC Group, International Finance Corporation, Medtronic, Opic, Philips and Proparco.