Regional news: Africa & Middle East

Mozambique bondholders reject decade delay of payday

Mozambique’s proposal to defer payment of its eurobonds until 2028 has been met with a chilly response from bondholders, who are urging the state to write off US$1.4 billion in loans whose legality has been questioned by the state’s attorney general.

28 March 2018

English court refuses Dana Gas appeal as BlackRock added to UAE proceedings

United Arab Emirates-incorporated Dana Gas has failed in its latest attempt to overturn English court rulings in the ongoing dispute over the validity of a US$700m Islamic bond.

26 March 2018

UAE Bankruptcy Law: the early verdict

The United Arab Emirates introduced its new bankruptcy law to much fanfare in December 2016. Now over a year since the legislation came into force, GRR speaks to local and international experts about its impact and the likely next steps in the regime’s development.

16 March 2018

Sharjah court orders Dana Gas trial to proceed, despite UK injunction

A Sharjah court has ordered Dana Gas to continue with its legal proceedings in the United Arab Emirates over a US$700 million Islamic bond, despite the presence of an anti-suit injunction issued by an English court in February.

14 March 2018

Gupta companies file for insolvency in South Africa

Less than a week after the fall of South African president Jacob Zuma, eight companies owned by a controversial Indian family said to have been linked to him have filed for insolvency protection in the country.

26 February 2018

Delaware court dismisses attempts to block Israeli negligence claim

The liquidators of a Delaware-incorporated company in an “upside down” Chapter 15 case are free to pursue a negligence lawsuit against its former directors in Israel, after a US bankruptcy court dismissed attempts to bar the claim.

12 February 2018

Japanese bank loses Singularis negligence appeal

Japanese investment bank Daiwa has failed to overturn an English court’s ruling that it was liable for more than US$150 million for allowing billionaire Saudi businessman Maan Al Sanea to transfer funds out of Cayman liquidated company Singularis.

02 February 2018

Dana Gas UAE and English law issues to be heard in London, High Court rules

UAE and English law issues in the ongoing Dana Gas Islamic bond dispute “cannot realistically or sensibly be disentangled,” the High Court in London has ruled, concluding after a three-day hearing that it should decide all of the case, rather than have some issues go before a Sharjah court.

01 February 2018

BNP Paribas gains permission to appeal sukuk "wet ink" case

Paris-headquartered bank BNP Paribas has gained permission to appeal against a portion of a judgment handed down by the English High Court on 7 December, which said it owed a duty of care to certificate holders of a US$650 million Islamic bond in which it had acted as arranger.

20 December 2017

English Court of Appeal refuses Dana Gas applications

UAE-incorporated Dana Gas has suffered another setback in its attempts to challenge the validity of its US$700 million Islamic bond, after the English Court of Appeal refused two of its appeal applications.

19 December 2017

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