Dana Gas to appeal London ruling in $700 million sukuk case - The National

Dana Gas to appeal London ruling in $700 million sukuk case - The National:

"Dana Gas, a Sharjah-based energy firm, said it will challenge a ruling by a London court, enforcing the legality of the company’s US$700 million sukuk as the judgement issued on Friday was "flawed". Dana is arguing that its Islamic bond has ceased to be shariah-compliant, following developments in the Islamic finance and therefore it is not obliged to repay the debt to creditors including the New York-based BlackRock, the world's biggest asset manager. "Dana Gas reaffirms its belief that the UK trial and decision is flawed as the court refused to adjourn handing down its judgment until the company's application to allow it to appear in the English Court to state its case fully and properly has been decided by the Sharjah Court on November 29 (within sixteen days)," Dana Gas said in a statement to the Abu Dhabi stock exchange, where its shares are traded."



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