Dana Gas Gets U.K. Court Order in $700 Million Islamic Bond Case
- London judge extends injunction blocking holders from action
- Dana says sukuk deals are invalid; trial scheduled for October
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Dana Gas PJSC won an extension of a London court order blocking investors from taking action over $700 million in disputed Islamic bonds until after a trial scheduled for as soon as October.
Dana, which has operations in Egypt and Iraq, sent shockwaves through the world of Islamic finance by announcing in June that its own sukuk were not Shariah compliant. The U.K. court hearings are part of a global legal effort by the company, including filings in the United Arab Emirates and British Virgin Islands, to stop investors from trying to force payment.