Dana Gas says UAE court orders it to proceed with $700mln sukuk case | ZAWYA MENA Edition:
"A court in the emirate of Sharjah has ordered United Arab Emirates energy firm Dana Gas to continue with legal efforts in the UAE to have $700 million of its Islamic bonds declared invalid, the company said on Tuesday. The decision appeared to set up a conflict between courts in the UAE and Britain, where Dana and holders of the sukuk, including international investors such as BlackRock, have also been fighting the dispute. Last year, Dana refused to redeem the sukuk when they matured, arguing they were no longer valid under UAE law because of changes in Islamic financial practice over the last several years."
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