Dana Gas will again challenge an English court judgment handed down in November against the company, as part of a widely-watched dispute with creditors over the non-payment of $700 million worth of sukuk.
The Sharjah-based gas operator will file an application for permission to the English Court of Appeal to reconsider the ruling in November by Judge George Leggatt, which said that aspects of its English-law sukuk purchase undertaking were valid and enforceable, the company said in regulatory filing to the Abu Dhabi stock exchange on Monday.
Last year, Dana stunned sukukholders – which include BlackRock and Goldman Sachs – when it claimed the agreements for the Islamic bonds (which matured in October) were no longer valid due to changes in Sharia law. The company is involved in court disputes in England and Sharjah over the sukuk’s terms.
The application to the English Court of Appeal comes despite a previous attempt to set aside the judgment in a three-day hearing that concluded in early February ended in failure, with Judge Leggatt refusing the company permission to appeal his decisions.
The judge also granted an anti-suit injunction at the request of creditors following the February hearing, which permanently restrained the company from pursuing proceedings over the sukuk’s validity in the Sharjah Courts.
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“It is clear that to permit Dana Gas to advance the same claim at the same time in different jurisdictions would be vexatious and oppressive,” said the judge.
The company said it and its English lawyers believe that "the judgement and orders made by [Judge Leggatt] have not given due consideration to the company’s strong arguments regarding determination of foreign law issues...particularly that the UAE Courts are the appropriate forum to determine the UAE law issues which are closely intertwined with Sharia principles which the UAE Courts have to apply as a matter of public policy and public order.”
The dispute between Dana and sukukholders is being closely watched by stakeholders in the Islamic finance industry, who are concerned that a judgement in the energy company’s favour may set a precedent for other sukukholders.
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Lord Smith, former Cabinet minister
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UAE currency: the story behind the money in your pockets
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hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
UAE currency: the story behind the money in your pockets
