Abu Dhabi – Mubasher: Dana Gas on Sunday announced that it has submitted an appeal to the English Court of Appeal following the London High Court’s decision last week in the company’s sukuk case.

On Friday, the London High Court ruled in favour of Dana’s sukuk holders in the $700 million-sukuk case.

Dana Gas described the London Court’s ruling as “flawed”, citing the court’s refusal to adjourn the judgement until Dana Gas had submitted its application “to allow it to appear in the English Court to state its case fully.

In addition to its appeal, Dana Gas further stated that it has submitted another appeal to the English Court of Appeal against BlackRock, which had proceeded with the case in Dana Gas’ absence, according to a statement released Sunday.

Dana Gas will also appeal against J Leggett’s judgement made in the company’s absence on Friday.

“All the grounds on which Dana Gas has sought to challenge the validity and enforceability of the trustee’s rights under the purchase undertaking to oblige Dana Gas to pay the exercise price are unfounded,” Leggett had said Friday, according to Reuters.

On another note, Dana Gas said that there were “fundamental critical legal issues under UAE law relating to the legality and validity of the Mudarabah agreement which remain before the Sharjah Court and need to be determined.”

Dana will take the necessary steps to have the UAE proceedings “dealt with as quickly as possible,” it added.

The issue which began in June this year came after Dana Gas announced that its $700 million sukuk were not compatible with the Islamic Sharia and illegal in the UAE.