Cairo – Mubasher: Eastern Co, listed on the Egyptian Exchange (EGX), has denied any ties with the ailing private equity firm The Abraaj Group.

The UAE’s public prosecutor office issued warrants against Abraaj’s founder Arif Naqvi and one of his partners for issuing a $48 million cheque without sufficient funds, according to documents reviewed by Wall Street Journal (WSJ).

Abraaj’s crisis has started when a group of investors said that the private equity firm misused their money in a $1 billion healthcare fund.

Abraaj had signed an agreement to sell some of its key funds in Latin America, Sub-Saharan Africa, North Africa, and Turkey to the US-based Colony Capital as part of the court-supervised restructuring.