Friday 27 April 2018

London judge orders Dana Gas to hold dividends in English bank account | Reuters

London judge orders Dana Gas to hold dividends in English bank account | Reuters:

"A London judge has ordered Dana Gas to pay any dividends into an English bank account where the funds must be held until a dispute over its $700 million Islamic bond is resolved, sources familiar with the matter said. Friday’s ruling is the latest twist in a complex legal battle taking place in courts in London and the United Arab Emirates which began last year when the UAE energy producer halted payments on $700 million of Islamic bonds it said had become unlawful because of changes in Islamic finance. Holders of the sukuk contest its position and are demanding to be paid by Dana, which declined to comment on the ruling."



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