Dana Gas says Sharjah Court allows it to take part in UK legal proceedings - The National

Dana Gas says Sharjah Court allows it to take part in UK legal proceedings  - The National:

"Dana Gas, the Sharjah-based company in the midst of a legal battle to declare its US$700 million sukuk illegal, will be able to take part in proceedings in a UK court after the lifting of restrictions on its participation by a Sharjah court on Saturday. The Sharjah Court of First Instance on September 17 issued an anti-suit injunction that prevented the oil and gas company from participating in the UK trial, where a London High Court judge ruled last month in favour of bondholders who are seeking payment of the sukuk that matured in October. Dana Gas had declared in June that its sukuk, which it was seeking to restructure, is now non Sharia-compliant following developments in the Islamic finance, and that it is therefore not obliged to repay the debt to creditors. These include New York-based BlackRock, the world's biggest asset manager."



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