Daily Business Wrap - Abraaj founder hit with lawsuit - video Dailymotion

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Air Arabia PJSC has filed a lawsuit against Abraaj founder Arif Naqvi, becoming the first publicly-traded company to initiate legal proceedings against the Pakistani entrepreneur. Elsewhere, Huawei faces fresh scrutiny in the US over allegations of stealing trade secrets. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos

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00:00Air Arabia has filed a misdemeanor case in the Sharjah courts against embattled Pakistani

00:08entrepreneur Arif Naqvi, founder of Abraj, the private equity firm, following losses

00:14to investments made last year at the private equity firm.

00:18Currently Air Arabia says it has an exposure of over $300 million that was invested with

00:24the private equity firm that is currently unaccounted for.

00:28The case is the first that has been filed by a public company against Naqvi and his

00:34Abraj equity firm.

00:36Elsewhere, more woes for Huawei in America.

00:40The Department of Justice has reportedly opened an investigation into the theft of trade secrets

00:46from Huawei, the Chinese technology giant, and its American business partner.

00:51Both Huawei and the Department of Justice declined to comment to the Wall Street Journal's

00:56report.

00:57And lastly, royal families from around the world, including the Austro-Hungarian Empire,

01:03one of the last remaining descendants of the Romanova family in Russia, and the titular

01:08king of Rwanda have gathered in Dubai this week to establish a new philanthropic or charitable

01:14society called the Royal Club.

01:17The elite imperial members of those families gathered at the Emerald Palace Hotel on the

01:22Palm a couple of nights ago, where they established this society, which they say will be designed

01:27to raise money for children in Africa and Asia and contribute to charitable issues ongoing

01:34around the world, especially in developing countries.

01:37That's all for today.

01:38We'll be back after the weekend.

01:39Thanks very much for watching.

01:40I'm Meg Clowes.

01:41Goodbye.

Daily Business Wrap - Abraaj founder hit with lawsuit

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