Dana Gas bondholders face “significant liability” in UAE court case:
"Investors in Dana Gas's $700 million Islamic bond are likely to have to repay the company a "significant" amount as a result of legal action in the United Arab Emirates, the company said on Tuesday. In a case which has unsettled the Islamic finance industry, Dana is seeking in UAE and British courts to avoid repaying its $700 million in Islamic bonds when they mature in October, arguing that the bonds have become unlawful in the UAE because of changes to Islamic financial practice. “The final outcome of the ongoing litigation in UAE courts would likely result in a significant liability for the sukuk holders to repay the company excess "on account profit payments" based on a lawful reconciliation of the matter,” Dana said."
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