Abu Dhabi – Mubasher: Bondholders’ lawyers said that Dana Gas is intentionally trying to prevent the litigation proceedings in London.

A UAE court issued an order that prevented Dana Gas from taking part in the London trial in the last minute, one of the lawyers told Bloomberg on Tuesday.

BlackRock lawyer Robert Anderson told Bloomberg that "Dana deliberately frustrated and colluded” to obtain the UAE ruling “to prevent these proceedings."

Dana announced the cancellation of the settlement offer to its sukuk holders and decided to resort to litigation.

Bloomberg stated that Goldman Sachs Group Inc. and BlackRock Inc. led the bondholders to hire investment bankers and later lawyers when it became clear they were facing tremendous losses.

In June, UAE-based Dana Gas said its $700 million sukuk were no longer compliant with the Islamic shariah, which will result in significant losses to sukuk holders.