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UAE’s Dana Gas asks Emirates court to declare English law-governed bond illegal

By Jack Barton

16 June 2017

UAE’s Dana Gas asks Emirates court to declare English law-governed bond illegal Gas pipeline iStock.com/spooh

A month after starting negotiations to restructure a US$700 million Islamic bond, Dana Gas, the biggest gas producer in the Middle East, has announced that the instrument is incompatible with Shari’a law and obtained stays on enforcement from courts in the UAE and the British Virgin Islands (BVI).