Companies & Finance

English court refuses to hear Dana appeal

The English Court of Appeal has refused an application by Dana Gas to appeal against a decision in favour of its creditors over the issue of its Islamic bonds
By Staff reporter 27 March 2018 0 30186

The English Court of Appeal has refused an application by Dana Gas to appeal against a decision in favour of its creditors over the issue of its Islamic bonds, the company has said. Dana Gas petitioned the court to overturn English High Court orders passed down in November 2017 and February 2018.

Dana Gas said in June that $700 million of its issued bonds were "not sharia compliant and […] therefore unlawful under UAE law", triggering the dispute. It outlined plans to replace the...