The low-cost carrier said it began legal proceedings “through the filing of a misdemeanor case” in a court in Sharjah.
Intermediate Capital Group is buying a majority of the bank’s private-equity assets in a transaction valued at about 790 million pounds ($997 million).
The bank is weighing a plan to simplify its structure, reduce funding expenses and free up liquidity.
The Canadian firm is said to be weighing options that would give it control of some retail properties from Meraas, including entering into a joint venture for those developments.
Warburg Pincus and General Atlantic own a combined 49 percent stake in Network International.
Last month, the company announced a partnership with Bharat Sanchar Nigam Ltd to offer “triple play” services.
Plans for the facility are at an early stage and SoftBank may decide to change the size of the plant or not proceed with it.
Son joins a growing list of business leaders who have distanced themselves from the Future Investment Initiative conference, but his move is particularly notable because SoftBank’s $100 billion Vision Fund has a $45 billion commitment from Saudi Arabia’s Public Investment Fund.
Fajr Capital Ltd., Bahrain’s sovereign wealth fund Mumtalakat and the Varkey Group are also considering selling some or all of their holding in the education provider in a deal that could value GEMS at about $4 billion.
The slowdown is likely to be only temporary and the strategic rationale for acquisitions still remains strong, with EY forecasting that activity will pick up in the second half of 2019.