Regional news: Africa & Middle East

Namibian court throws out Zimbabwean shareholders’ objections to bank winding up

The High Court of Namibia in southwest Africa has issued a final winding-up order for a commercial bank in the country, despite objections from two of its Zimbabwean shareholders.

11 December 2017

BNP Paribas breached duty of care in US$650m sukuk dispute, High Court finds

International bank BNP Paribas breached the duty of care it owed to hedge fund investors in a US$650 million Islamic bond when it failed, as arranger, to ensure a promissory note issued under Saudi Arabian law was properly executed, the High Court in London has ruled.

08 December 2017

Sharjah court lifts Dana Gas anti-suit injunction

United Arab Emirates-based Dana Gas says it will pursue appeals against a recent English High Court ruling on the validity of a US$700 milion Islamic bond, after the Sharjah Court of Appeal lifted an anti-suit injunction that had stopped the company from taking part in the English trial.

04 December 2017

Dana Gas purchase undertaking is “valid and enforceable”, says High Court

After five months of legal wrangling, the High Court in London has ruled in favour of certificate holders following a trial over the validity of the purchase undertaking for an US$700 million Islamic bond issued by UAE-incorporated Dana Gas.

17 November 2017

Irish court grants winding-up lodged by UAE-based cement supplier

The Irish High Court has granted a winding-up petition lodged by an Abu Dhabi-based cement supplier against an Irish construction company, warning that if insolvency proceedings in the United Arab Emirates were left to “meander along” the case could take 15 years to conclude.

15 November 2017

Dana Gas adjournment plea dismissed, High Court will issue judgment imminently

“One step too far” is how the England and Wales High Court described UAE-incorporated Dana Gas’s request to further adjourn a trial over the validity of a US$700 million Islamic bond, as it dismissed the application.

13 November 2017

US court withdraws contempt order against Israeli law firm in Ampal dispute

A New York bankruptcy court has vacated a contempt order it issued against an Israeli law firm last month, ruling that it lacked personal jurisdiction over the firm under New York’s civil practice regulations.

07 November 2017

Dana Gas accused of “an abuse” as UK trial adjourned for last time

The England and Wales High Court has again adjourned a trial examining the validity of a US$700 million Islamic bond issued by UAE-incorporated Dana Gas, for what the presiding judge says will be “one final time”.

13 October 2017

Blackrock argues Dana Gas is trying to “avoid its obligations”

The UK trial over the validity of a US$700 million Islamic bond issued by UAE-incorporated Dana Gas finally got underway on Monday, with certificate-holder Blackrock accusing the gas company of bringing the legal challenge “in order to avoid its obligations” to creditors.

26 September 2017

Dana Gas trial to proceed with Blackrock giving evidence

Dana Gas certificate-holder Blackrock can present oral evidence in a trial concerning a US$700 million Islamic bond, the England and Wales High Court has said, even though claimant Dana is currently barred from participating owing to an anti-suit injunction in the UAE.

22 September 2017

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