Islamic Finance

British judge to issue ruling on $700 million Dana Gas sukuk case soon

| 13 November, 2017
British judge to issue ruling on $700 million Dana Gas sukuk case soon
Photo: A view shows UAE's Dana Gas building in Cairo November 2, 2012. REUTERS/Mohamed Abd El Ghany

LONDON - British High Court judge George Leggatt said on Monday that he would not further adjourn a trial over about $700 million (£535 million) of outstanding Islamic bonds issued by United Arab Emirates firm Dana Gas , and would issue a judgement soon.

He did not say whether the judgement would come later on Monday or in coming days. Dana is claiming it does not need to redeem the sukuk, which matured at the end of last month, because the instruments became invalid under UAE law.

Dana had asked for further postponement of the trial pending developments in a UAE court, where motions in the case have also been filed.

(Reporting by Emma Rumney and Davide Barbuscia, Writing by Andrew Torchia)

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