Regional news: United Arab Emirates

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

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

Dana Gas accused of "active connivance" with Sharjah court as London trial adjourned to Thursday

The England and Wales High Court has temporarily adjourned a trial between UAE-incorporated Dana Gas and holders of an Islamic bond it declared illegal in June, after it emerged shareholders of the company obtained an injunction from a Sharjah court late last week to halt the UK proceedings.

19 September 2017

UK court "not impressed" with Dana Gas lawyers in UAE

For the second time in under a month, a UK court has ordered United Arab Emirates-incorporated Dana Gas to apply for the discharge of an injunction issued by a Sharjah court against creditors, with the judge saying he was "not impressed" with the performance of the gas company's UAE lawyers.

01 August 2017

UK appeals court clarifies Mareva worldwide freezing injunction test

The England and Wales Court of Appeal has offered clarification on the appropriate test to apply to show a defendant has assets capable of being caught by a worldwide freezing order, partially reversing an earlier decision of a lower court.

25 July 2017

Diamonds aren’t forever: UK court winds up Dubai company

A UK court has ordered the winding-up of a Dubai-based diamond investment company, finding that although it had severed its ties to the UK, the “improper” nature of the business meant a loose interpretation of jurisdictional requirements was in the public interest.

04 July 2017

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