The criminal case relates to a check for 798.9 million dirhams ($218 million), which bounced due to insufficient funds Naqvi’s lawyer, said the parties were still in discussion to reach a settlement LONDON: The judgment in legal case over a bounced check against Arif Naqvi, the founder of the beleaguered private equity firm Abraaj, and another executive, has been postponed until Tuesday, according to reports. The criminal case, heard in the emirate of Sharjah, relates to a check for 798.9 million dirhams ($218 million), which bounced due to insufficient funds. The check was signed by Naqvi and fellow executive Rafique Lakhani, and written to Hamid Jafar, another founding shareholder in Abraaj. Zafer Oghli and Khalid Al-Bannay, lawyers for Jafar, told reporters the session was postponed until Tuesday, according to the Reuters news agency. Habib Al-Mulla, Naqvi’s lawyer, said the parties were still in discussion to reach a settlement, Reuters reported. Under UAE law, the punishment for issuing a bounced check can include jail or a fine. Abraaj was founded by Arif Naqvi in 2002 and become one of the leading private equity investors involved in markets across the world, from Latin America to South East Asia. The firm began to run into problems following accusations last year from investors, including the Bill & Melinda Gates Foundation, of mismanaging their money in its $1 billion health care fund. Abraaj has denied the allegations. Several UAE-listed companies and banks have disclosed their level of exposure to Abraaj Group. In June, the Dubai-listed low-cost carrier Air Arabia confirmed it had a $336 million exposure to Abraaj through fund portfolios and short-term investments. On June 21, Abraaj agreed to sell its Latin America, Sub-Saharan Africa, North Africa and Turkey funds management business to US firm Colony Capital as part of a provisional liquidation and restructuring process demanded in a court order.