Dana Gas $700mln sukuk holders say they expect full repayment after court ruling | ZAWYA MENA Edition:
"Holders of $700 million of Islamic bonds issued by United Arab Emirates-based Dana Gas DANA.AD expect to recover all the money owed to them under the bonds' original documentation, a committee representing the holders said on Thursday.
The committee issued its statement after a London High Court judge again ruled in favour of holders on Feb. 1, rejecting an attempt by Dana to overturn his decision last November that the purchase undertaking behind the sukuk was valid and enforceable.
Dana shocked the global Islamic finance industry last June by refusing to redeem its sukuk on the grounds that they were no longer sharia-compliant and therefore unlawful in the UAE. That has led to a protracted legal battle in British and UAE courts."
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