Abraaj founder and well-known Pakistani emerging markets magnate Arif Naqvi has vowed to defend himself in Air Arabia lawsuit while the settlement talks were underway between the two parties. Habib Al Mulla said Air Arabia’s complaint has no basis as it is subject to the ongoing provisional liquidation and arbitration process. His actions in this matter were for the benefit of Abraaj,” Al Mulla said. “The claim in question is part of the provisional liquidation proceedings that is taking place in Cayman. On Thursday, Air Arabia said it has begun legal proceedings against Abraaj founder Arif Naqvi in a court in Sharjah, the latest challenge for the founder of the collapsed private equity firm.

Source: Pakistan Today January 20, 2019 18:56 UTC