Sharjah Court shrugs off UK legal orders in Dana’s sukuk case

Sharjah Court shrugs off UK legal orders in Dana’s sukuk case
“The orders also apply to Dana’s board of directors"
Dana Gas DANA 0.00% 1.06 0.00

Abu Dhabi – Mubasher: The Sharjah Court of First Instance issued orders regarding Dana Gas’ sukuk case prohibiting the Abu Dhabi-listed energy company from withdrawing, discharging, or abandoning the court’s orders in favour of Dana or the lawsuits "instituted [by the company] before UAE courts".

The Sharjah Court also suspended the enforcement of London High Court’s orders on the case, the UAE-based company revealed in a statement to the Abu Dhabi Securities Exchange (ADX) on Tuesday.

“The orders also apply to Dana’s board of directors, BlackRock Global Allocation Fund, Deutsche Trustee Limited, Deutsche Bank AG (Abu Dhabi branch), Dana Gas Sukuk Limited, Khalid bin Abdulrahman Saleh Al-Rajhi, Al Manara Investment and Development Centre, and Al Midfa Investment Group,” Dana revealed.

The Sharjah Court of First Instance will hold a hearing on 22 March 2018 to address the matters in question. 

Dana Gas was also ordered "to continue with the proceedings in the lawsuit No. 3376/2017 Commercial Plenary, and to submit all defenses in respect of protecting the interests of the plaintiff and all shareholders of the Second Defendant,” Dana's statement showed.

By 12:49 pm UAE, time Dana Gas' stock fell 1.30% to AED 0.76.

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Source: Mubasher

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