Dana gas sukuk case

Nov 13, 2017. UK court rules in favour of creditors in $700mn Dana Gas sukuk case. By REUTERS United Arab Emirates' Dana Gas PJSCon Monday said it will appeal against a Britishcourt's ruling on a $700 million sukuk, after a UAE court liftedan injunction “The English Judge found, on the two key tests for the continuation of an injunction under English law, that Dana Gas has a ‘seriously arguable case’ and that Dec 03, 2017 · DUBAI, Dec 4 (Reuters) - United Arab Emirates' Dana Gas PJSC on Monday said it will appeal against a British court's ruling on a $700 million sukuk, after DUBAI/ LONDON, July 5- London's High Court plans to hold a full hearing in September on efforts by Abu Dhabi- listed Dana Gas to restructure $700 million of its Dec 03, 2017 · DUBAI, Dec 4 (Reuters) - United Arab Emirates' Dana Gas PJSC on Monday said it will appeal against a British court's ruling on a $700 million sukuk, after “The English Judge found, on the two key tests for the continuation of an injunction under English law, that Dana Gas has a ‘seriously arguable case’ and that DUBAI/LONDON, July 5 (Reuters) - London's High Court plans to hold a full hearing in September on efforts by Abu Dhabi-listed Dana Gas to restructure $700 British judge to issue ruling on $700 million Dana Gas sukuk case soon. The LONDON/ DUBAI, Sept 21- A London High Court judge will decide on Friday whether to continue proceedings on the validity of $700 million sukuk issued by Dana Gas in a London court to hear Dana Gas sukuk case in September. UAE’s Dana Gas gets injunction from English court blocking claims on $700m sukuk. Published: 11:55 EST, Judge Leggatt had originally been expected to rule on the case as soon as September, Exotix Capital provides a commentary on Dana Gas’ petition to declare its Sukuk non-comlpiant. Dana says it does not have Nov 17, 2017 Dana Gas loses $700m sukuk court battle. says the case will have no impact on the broader Islamic finance industry. Direct link. Dana Gas’s sukuk structure was approved by Initial hearing in the case in Sharjah has been Dana Gas allowed to participate in Sukuk case. The Dana case has alarmed The decision by the Abu Dhabi-based gas producer Dana Gas to declare two ostensibly shariah-compliant sukuk worth US$700mn “unlawful” has created a climate of Dana Gas, a Sharjah-based energy firm, said it will challenge a ruling by a London court, enforcing the legality of the company’s US$700 million sukuk as the This post looks at the recent English High Court decision in Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors EWHC 2928. Dana Gas’s legal counsel in the U. Key takeaways from the Dana Gas court case Dana Gas , a natural gas company based in the United Arab Emirates , Judge to issue ruling on Dana Gas sukuk case: 11/13 : United Arab Emirates' Dana Gas PJSCon Monday said it will appeal against a Britishcourt's ruling on a $700 million sukuk, after a UAE court liftedan injunction British High Court judge George Leggatt says he would not further adjourn a trial over about $700 million of outstanding Islamic bonds issued by United Arab Emirates Dana Gas Gets U. Key takeaways from the Dana Gas court case Dana Gas , a natural gas company based in the United Arab Emirates , Judge to issue ruling on Dana Gas sukuk case: 11/13 : Dana Gas, a Sharjah-based oil and gas exploration firm, has filed an application with the emirate’s Federal First Instance Court to lift an injunction, protecting Dana Gas Sukuk Ltd. 31, and the company is confident it will win a court case with bondholders, the two people said, asking not to be identified because the Jun 15, 2017 Injunction to prevent investors from enforcing against sukuk. In a complex case that is being fought in British and UAE courts, London High Court rules in favor of Dana Gas creditors in Islamic bond case. “This case is unique and LONDON/ DUBAI, Sept 21- A London High Court judge will decide on Friday whether to continue proceedings on the validity of $700 million sukuk issued by Dana Gas in a Dana Gas Sukuk Limited (incorporated in Jersey with limited liability) in each case in redemption of the Certificates on the applicable early redemption date. dana gas sukuk case Participants in the Middle East (and w Jun 14, 2017 · materially less favorable,” according to two people with knowledge of the matter and a statement seen by Bloomberg. K. Dana Gas, a Sharjah-based energy firm, said it will challenge a ruling by a London court, enforcing the legality of the company’s US$700 million sukuk as the Dana Gas declared $700m of its Islamic bonds invalid last month British High Court judge George Leggatt says he would not further adjourn a trial over about $700 million of outstanding Islamic bonds issued by United Arab Emirates Dana Gas Sukuk - Approved Judgment Dana Gas Sukuk 83. dana gas sukuk caseNov 17, 2017 The $700m of sukuk debt was due to mature on October 31, but has not been repaid by the company. Dana Gas, a Sharjah-based energy firm, said it will challenge a ruling by a London court, enforcing the legality of the company’s US$700 million sukuk as the Key takeaways from the Dana Gas court case Dana Gas is seeking to restructure its Sukuk Dana Gas stated in a public disclosure to the Abu Dhabi Securities United Arab Emirates energy company Dana Gas DANA. CPI Financial. Reuters / Reuters. Participants in the Middle East (and w Dana Gas Sukuk: A red herring or cause for concern? However, as discussed further below, in Dana Gas' case, this distinction is not entirely straightforward. It sought a court order in Sharjah arguing The case was complex owing to a multiplicity of contracts signed in both UK and UAE jurisdictions over the deal. Copy URL. United Arab Emirates-based Dana Gas has lost a UK court battle over its $700m sukuk Credit: Rex Features The court case took place in London because deals underlying most sukuk are written under English law. Reuters / The case was heard in London because the sukuk was written under English law. Dana Gas: Nov 17, 2017 The $700m of sukuk debt was due to mature on October 31, but has not been repaid by the company. Dana Gas has been in a legal battle with bondholders after it rejected an offer by creditors to restructure $700m of the debt. shares down as London sukuk trial set to resumeLondon Dana Gas sukuk trial to DUBAI/LONDON (Reuters) - London's High Court plans to hold a full hearing in September on efforts by Abu Dhabi-listed Dana Gas to restructure $700 million of its Jul 15, 2017 · Abu Dhabi-listed Dana Gas escribed UAE's Dana Gas describes UK court decisions on sukuk as that Dana Gas has a 'seriously arguable case' and that Dana Gas bid to void debt stuns analysts who question motive. Court Order in $700 Million Islamic Bond Case. In the present case there is nothing to indicate that the Purchase Undertaking has as its object and Dana Gas applies Shari’ah non-compliance as a UAE's Dana Gas Case Raises Islamic Finance is there now a case for pricing Sukuk more expensively than Mudaraba Sukuk. Sharjah-based Dana Gas Dec 4, 2017 Key takeaways from the Dana Gas court case Dana Gas (unrated), a natural gas company based in the United Arab Emirates (UAE), announced in June 2017 that it had received legal advice that its Sukuk Al Mudarabah, issued in 2007, and restructured in 2013, is not Shari'ah compliant and is therefore Dana Gas: Reuters UK — Judge rules in favour of creditors in Dana Gas Islamic bond case. Dana Gas: Nov 13, 2017 The judge said that Dana Gas' challenges to the validity, enforceability of the purchase undertaking are “unfounded” and declared the purchase undertaking for Dana's sukuk as valid and enforceable. Bloomberg the Company & Its Products The Quint. Dana is arguing that its Islamic bond has ceased to be shariah-compliant, following developments in the Nov 17, 2017 Dana Gas has lost its UK court battle against the backers of its $700m Islamic bond, which are awaiting a repayment from the UAE company due at the end of last month. DUBAI/LONDON (Reuters) - London's High Court plans to hold a full hearing in September on efforts by Abu Dhabi-listed Dana Gas (DANA. . Nov 14, 2017. In June, Dana Gas said it would not repay sukuk the Dana case, "sukuk holders and issuers will be now more DUBAI: A decision by Abu Dhabi-listed Dana Gas to declare US$700 million of its sukuk invalid has sent shivers through the Islamic finance industry, raising concern Dana Gas on Monday shelved an exchange offer to investors in favour of litigation, which the company warns could take 10 years to resolve, after members of an ad hoc London court adjourns Dana Gas sukuk trial. AD) to restructure $700 million DANA GAS-SUKUK/TRIAL (UPDATE 1):UPDATE 1-London Dana Gas sukuk trial to go ahead despite UAE injunction -judge DUBAI, Dec 4 (Reuters) – United Arab Emirates’ Dana Gas PJSC on Monday said it will appeal against a British court’s ruling on a $700 million sukuk, after a UAE United Arab Emirates' Dana Gas PJSC on Monday said it will appeal against a British court's ruling on a $700 million sukuk, The case has become pivotal for the London court adjourns Dana Gas sukuk trial. Dana Gas: Euro News — British judge to issue ruling on $700 million Dana Gas sukuk case soon. * Case widely watched by global Islamic finance industry* UK judge rejects Dana challenges to purchase undertaking* Dana says will appeal* Bondholders call for Dana Gas sukuk invalidation attempt rouses creditors and Read our introduction to Sukuk Structures here. Middle East Islamic finance markets High Court Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors English law governed contractual payment obligations UAE British judge to issue ruling on $700 million Dana Gas sukuk case soon. In the present case there is nothing to indicate that the Purchase Undertaking has as its object and UK court finds for Dana Gas creditors in US$700 mil Islamic bond case. Share. Dana Gas is attempting to “The case was The international Sukuk market was rocked this month by the unexpected and unprecedented announcement from UAE-based Dana Gas that it will not redeem its US$700 DUBAI, Dec 4 (Reuters) – United Arab Emirates’ Dana Gas PJSC on Monday said it will appeal against a British court’s ruling on a $700 million sukuk, after a UAE Jul 12, 2017 · DANA GAS: WHERE CREDITORS ARE HIDING IN THE SUKUK? DANA GAS: What however remains to be answered in the case of Dana Gas Sukuk is this: redeem $700 million of maturing sukuk. Britain has sought to make itself a hub for Islamic finance in the western world and, this week, investors will tune into a case in London’s high court with Dana Gas Sukuk: A red herring or cause for concern? However, as discussed further below, in Dana Gas' case, this distinction is not entirely straightforward. Dana Gas: Reuters UK — MIDEAST - Factors to watch - November 14. UK court rules in favour of creditors in $700mn Dana Gas The case, which Dana said it would continue to Dana says it does not have repay its sukuk, UK court finds for Dana Gas creditors in $700 million Islamic bond case. The Royal Courts of Justice in London has ruled in favour of creditors in a dispute with Dana Gas, which now must repay $700 million raised Oct 29, 2017 · London judge will make ruling on Dana Gas case on Nov Mudaraba Sukuk. The civil trial between The UK judge in charge of the dispute between Dana Gas and its creditors under its sukuk debt is expected to issue his judgment on the English law matters of the case The dispute between the company and bondholders began after Dana Gas said in June it no longer considered its sukuk to be complaint with Islamic Shariah laws. First hearing in case in Sharjah set for Dec. says the case will have no impact on the Investors in Dana Gas's$700 million Dana Gas bondholders face “significant liability to receive from sukuk holders. Monday, 04 Dec 2017 Dana Gas rejects Deutsche’s Sukuk payment request. 31, and the company is confident it will win a court case with bondholders, the two people said, asking not to be identified because the Dec 10, 2017 Abu Dhabi – Mubasher: The documentation pertaining to Dana Gas' sukuk issue is subject to UAE laws, which means that the judgment in the case is to be delivered by the UAE court, the company's managing director Majid Hamid Jafar told Al Khaleej newspaper. The case has been closely watched by the participants in the Islamic bond Nov 17, 2017 A London High Court judge has ruled in favour of creditors in a dispute over whether United Arab Emirates energy company Dana Gas DANA. November 18 2017 01:26 AM. Islamic finance risks raised by Dana Gas case. The court case took place in London because deals underlying most sukuk are written under English law. The UK was initially quick to Nov 17, 2017 Dana Gas stunned the Islamic finance community the following month by declaring the sukuk Sharia non-compliant. Dana Gas Sukuk - Approved Judgment Dana Gas Sukuk 83. The UK was initially quick to tap the growing Nov 19, 2017 Dana Gas, a Sharjah-based energy firm, said it will challenge a ruling by a London court, enforcing the legality of the company's US$700 million sukuk as the judgement issued on Friday was "flawed". Dana Gas’s sukuk structure was approved by Initial hearing in the case in Sharjah has been DUBAI, Dec 4 (Reuters) - United Arab Emirates' Dana Gas PJSC on Monday said it will appeal against a British court's ruling on a $700 million sukuk, after a Issuing Organization: Commercial Court. VLEX-693733677 UAE: The Sharjah Court of Appeal has allowed the appeal of Dana Gas to allow the natural gas producer to participate in the UK High Court's proceedings on its Dana Gas has been accused of “deliberately frustrating and colluding” to delay a high-profile London court case over a $700m Islamic bond. E. The company contended that it Oct 30, 2017 Dana Gas PJSC, the Sharjah, United Arab Emirates-based energy producer, has no plans to repay the two mudaraba sukuk of $350 million in size each due Oct. In a complex case that is being fought in British and UAE courts, London court adjourns Dana Gas sukuk trial. By Reuters. Friday, 28 Jul 2017 | Volume14. In a complex case that is being fought in British and UAE courts, DUBAI, Nov 17- A London High Court judge on Friday ruled in favour of creditors in a case over whether energy company Dana Gas must repay $700. October 14, 2017 00:43 am +08 DUBAI, Dec 4 (Reuters) - United Arab Emirates' Dana Gas PJSC on Monday said it will appeal against a British court's ruling on a $700 million sukuk, after a Dana Gas, an Emirati gas company, is using Shariah non-compliance as an argument in its sukuk restructuring talks. The case was heard in London because the sukuk was written under English law. Issue31. London court adjourns Dana Gas sukuk trial. Resolution Date: September 22, 2017. British judge to issue ruling on $700 million Dana Gas sukuk case soon. Reuters | Published — Saturday 14 October 2017. A. Dana Gas’s sukuk case in Dana Gas has lost its UK court battle against the backers of its $700m Islamic bond, which are awaiting a repayment from the UAE company due at the end of last month. Dana Gas had said it was under no obligation to pay bondholders This post discusses these issues in Dana Gas sukuk matter and offers some observations and lessons that can be drawn from the governing law and In such cases, DUBAI/LONDON, July 5 (Reuters) - London's High Court plans to hold a full hearing in September on efforts by Abu Dhabi-listed Dana Gas to restructure $700 million of (Updates with judge’s order) DUBAI/LONDON, July 5 London’s High Court plans to hold a full hearing in September on efforts by Abu Dhabi-listed Dana Gas to The UK judge in charge of the dispute between Dana Gas and its creditors under its sukuk debt is expected to issue his judgment on the English law matters of the case In a complex case that is being fought in British and UAE courts, London court adjourns Dana Gas sukuk trial. Reuters. By REUTERS UK court finds for Dana Gas creditors in $700 million Islamic bond case. 25, 2017. Dana Gas has been accused of “deliberately frustrating and colluding” to delay a high-profile London court case over a $700m Islamic bond. The civil trial between Dana Gas, a Sharjah-based oil and gas exploration firm, has filed an application with the emirate’s Federal First Instance Court to lift an injunction, protecting London court adjourns Dana Gas sukuk trial. AD UK court finds for Dana Gas creditors in case was heard in London because the sukuk was This post looks at the recent English High Court decision in Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors EWHC 2928. and others, case number FL-2017-000004, in the Commercial Court, Queen’s Bench Division of the High Court of England and Wales. which has holdings in Dana Gas’s sukuk. Oct 31, 2017. More news for Dana Gas Sukuk Case United Arab Emirates' Dana Gas PJSCon Monday said it will appeal against a Britishcourt's ruling on a $700 million sukuk, The case has become pivotal for the Dana Gas has lost its UK court battle against the Dana Gas loses $700m sukuk court battle The court case took place in London because deals underlying most Dana Gas loses Sukuk Case. Dana Gas had said it was under no obligation to pay bondholders Dana Gas bid to void debt stuns analysts who question motive. The case is being closely watched by the global Islamic finance industry because some investors think it . That remarkable move, if successful, could Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors. Email; LinkedIn; The case has attracted considerable press interest Exotix Capital provides a commentary on Dana Gas’ petition to declare its Sukuk non-comlpiant. Dana is arguing that its Islamic bond has ceased to be shariah-compliant, following developments in the Nov 17, 2017 Dana Gas stunned the Islamic finance community the following month by declaring the sukuk Sharia non-compliant. A decision by a Middle Eastern gas producer to declare its own Shariah-compliant bonds unlawful has baffled investors in the $2 trillion Islamic finance industry. Share on. 19 Sep 2017. The case has been closely watched by the participants in the Islamic bond Nov 17, 2017 The case, which Dana said it would continue to fight inBritain and the UAE, is being closely watched by the globalIslamic finance industry because some investors think it couldset a precedent for other issuers of Islamic bonds, or sukuk, torefuse to redeem the debt at maturity. The company denies that its case might set a precedent for the $370 billion global sukuk market, arguing that only a very small number of sukuk issuers now use Oct 13, 2017 A London High Court judge hasadjourned hearings on whether the United Arab Emirates' Dana Gasmust redeem $700 million of Islamic bonds when theymature at the end of this month, sources familiar with thematter said on Friday. Dana Gas revealed that the Sharjah Court Dana Gas: Reuters UK — Judge rules in favour of creditors in Dana Gas Islamic bond case. Dana Gas declared the bonds invalid last month, saying they were no longer compliant with changing interpretations of the Islamic sharia code - ZAWYA MENA Edition Sukuk Information; Regulatory Disclosures; FAQs ‹ › × × Previous Next . Actores: Dana Gas PJSC v Dana Gas Sukuk Ltd. Nov 19, 2017 Dana Gas, a Sharjah-based energy firm, said it will challenge a ruling by a London court, enforcing the legality of the company's US$700 million sukuk as the judgement issued on Friday was "flawed". Our Offices Presentations Dana Gas Q3 2017 Financial Results Key takeaways from the Dana Gas court case Dana Gas Dana Gas's Sukuk investors did not receive the profit distribution which was scheduled for July, Dana Gas Sukuk: A red herring or cause for concern? However, as discussed further below, in Dana Gas' case, this distinction is not entirely straightforward. UAE's Dana Gas describes UK court decisions on sukuk as that Dana Gas has a 'seriously arguable case' and that the balance of justice was in favour of DUBAI/LONDON, July 5 (Reuters) - London's High Court plans to hold a full hearing in September on efforts by Abu Dhabi-listed Dana Gas to restructure $700 million of UAE's Dana Gas describes UK court decisions on sukuk as that Dana Gas has a 'seriously arguable case' and that the balance of justice was in favour of Dana Gas declared the bonds invalid last month, saying they were no longer compliant with changing interpretations of the Islamic sharia code - ZAWYA KSA Edition UK court rules in favour of creditors in $700mn Dana Gas sukuk case