Eredivisie football club Roda JC has halted its takeover by Russian Swiss investor Alexei Korotaev after he was arrested in Dubai. Korotaev has been in custody since February 10 for signing an uncleared cheque, which is against local law.

In a statement, Korotaev’s company AK Investment Holding, said he seemed to be ‘the victim of a misunderstanding following an honest mistake or worse, a fraudulent act designed to discredit him.’

Roda JC said in a statement on Thursday that the transfer of shares had not yet taken place. The club is currently involved in a battle to avoid relegation.

The investor said in January he intended to acquire a minority share in the Kerkrade club and had already committed funds to strengthen the roster in the winter transfer window.

Roda JC is not the only Limburg club with foreign shareholders. Last year, Jupiler League side Fortuna Sittard was taken over by Turkish investor Isitan Gun. In the Eredivisie, ADO Den Haag and Vitesse both have foreign owners, although ADO has become embroiled in a legal battle with its Chinese owner Hui Wang.