Regional news: United Arab Emirates

English court halts Dana Gas dividend payments

In the latest twist in its ongoing sukuk saga, Sharjah-based Dana Gas has been barred from paying out dividends until it makes “full provision” to repay holders of its disputed US$700 million Islamic bond.

09 April 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

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

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

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

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