Exclusive: Weeks of talks fail to resolve Dana Gas sukuk dispute - sources

Exclusive: Weeks of talks fail to resolve Dana Gas sukuk dispute - sources:

"Weeks of talks between UAE energy firm Dana Gas and some local holders of a disputed $700 million sukuk have failed to reach an agreement, sources told Reuters, leaving a potentially protracted legal battle as the only available option for now. Last year, Dana refused to redeem $700 million of maturing Islamic bonds, arguing they were no longer valid under United Arab Emirates (UAE) law because of changes in Islamic financial practice over the last several years. The move shocked the global Islamic finance industry, as some investors worried it could set a precedent for other sukuk issuers who might refuse to repay their obligations on the grounds of religious permissibility."



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