A criminal case against private equity firm Abraaj founder Arif Naqvi and another executive for issuing a cheque without sufficient funds has been dismissed, the presiding judge said on Sunday.
The court case relates to a cheque for 177.1 million dirhams ($48 million), signed by Naqvi and a fellow executive, and written to Hamid Jafar, another founding shareholder in Dubai-based Abraaj, a prosecution document showed.
At a court in Sharjah, one of the United Arab Emirates, Judge Natheer al-Sousi said the case had been dismissed after the claimant had waived his rights to pursue the claim.