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 is arguing that its Islamic bond has ceased to be shariah-compliant, following developments in the Islamic finance and therefore it is not obliged to repay the debt to creditors including the New York-based BlackRock, the world's biggest asset manager.
"Dana Gas reaffirms its belief that the UK trial and decision is flawed as the court refused to adjourn handing down its judgment until the company's application to allow it to appear in the English Court to state its case fully and properly has been decided by the Sharjah Court on November 29 (within sixteen days)," Dana Gas said in a statement to the Abu Dhabi stock exchange, where its shares are traded.
"The company has already appealed to the English Court of Appeal the decision of the English High Court to join BlackRock and to proceed with the case in Dana Gas' absence. The company will also appeal against [Mr Justice] Leggett's Friday judgment made in its absence."
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Dana Gas loses Islamic bond court battle
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Dana Gas said there remained critical legal issues under the UAE law, which pertains to the legality and validity of the Mudarabah agreement, a form of Islamic financing.
The saga began after Dana Gas secured $850m from international investors in May 2013. It followed the restructuring of an earlier $1 billion deal that had been due to mature in 2012 because of payment delays from operations in Egypt and the Kurdish region of Iraq.
Mr Justice Leggatt ruled against the company on all counts on the legality of the sukuk, nearly three weeks after bond-holders were due to get their money back or secure stock of a subsidiary that runs its operations in Egypt.
The verdict in favour of the bondholder group does not mean immediate payment. The company has previously warned that litigation could last for a decade whatever the outcome of the London hearing and said that it would appeal Friday’s judgement.
The bondholder group, led by Blackrock called on the company to strike a deal.
“This outcome vindicates the position we have taken from the start,” said Andrew Wilkinson on behalf of the group. “We hope Dana will now come to the table to discuss possible consensual solutions,” said in London.
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THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
The five pillars of Islam
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Scotland v Ireland:
Scotland (15-1): Stuart Hogg; Tommy Seymour, Huw Jones, Sam Johnson, Sean Maitland; Finn Russell, Greig Laidlaw (capt); Josh Strauss, James Ritchie, Ryan Wilson; Jonny Gray, Grant Gilchrist; Simon Berghan, Stuart McInally, Allan Dell
Replacements: Fraser Brown, Jamie Bhatti, D'arcy Rae, Ben Toolis, Rob Harley, Ali Price, Pete Horne, Blair Kinghorn
Coach: Gregor Townsend (SCO)
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
COMPANY%20PROFILE
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Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
The specs: 2018 Mercedes-Benz S 450
Price, base / as tested Dh525,000 / Dh559,000
Engine: 3.0L V6 biturbo
Transmission: Nine-speed automatic
Power: 369hp at 5,500rpm
Torque: 500Nm at 1,800rpm
Fuel economy, combined: 8.0L / 100km
COMPANY%20PROFILE
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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Pros%20and%20cons%20of%20BNPL
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Killing of Qassem Suleimani
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
COMPANY%20PROFILE%20
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
COMPANY%20PROFILE
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Dubai World Cup prize money
Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf – $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000
