Abraaj founder sentenced in absentia to 3 years in prison by UAE court

Arif Naqvi, the founder of collapsed Dubai-based private equity firm Abraaj Group, was sentenced in absentia to three years in prison by a UAE court for a case involving low-cost carrier Air Arabia. The penalty was handed down over a case involving Sharjah-based low-cost airline Air Arabia, Bloomberg reported, citing people familiar with the situation. In February, the airline reported a full-year loss after booking impairments to cover its $336m exposure to Abraaj. The buyout firm borrowed money from Air Arabia, on whose board Naqvi sat. According to US prosecutors, the money was ...