A quote from Dana Gas from an article from The National this past week: "The final outcome of the ongoing litigations in UAE courts [regarding the sukuk issue by Dana Gas] would likely result in a significant liability for the sukuk holders to repay the company excess 'on account profit payments' based on a lawful reconciliation of the matter".
Translation: Dana Gas not only is refusing to honour their sukuk, but they want to force their creditors to pay back money. A question that comes to mind is: Does this not expose Dana Gas to liability for issuing a sukuk that they marketed as sharia compliant but now is no longer sharia compliant?
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Read more:
Dana Gas said to see creditors turn debtors as showdown deepens
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Dana Gas defends itself against the question of whether investors would lose confidence in the company by stating: “The fact that share prices have increased significantly over the past three to four months is an indicator that people view Dana Gas positively”.
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Read more:
Dana Gas says it withdraws offer to sukuk shareholders, to pursue litigation driven outcome
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There is no word on the fact that a single shareholder bought a large percentage of Dana Gas, which clearly contributed to an upward spike in the price by around 60 per cent, in the two weeks before the statement by Dana Gas regarding their intent in invalidating their sukuk.
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
