DUBAI - The English Court of Appeal has refused an application by Dana Gas to appeal a decision allowing fund manager BlackRock to participate in English court proceedings over Dana's $700 million of sukuk, the company said on Monday.
Dana is refusing to redeem the Islamic bonds on the grounds that they are no longer sharia-compliant and have therefore become unlawful in the United Arab Emirates.
An English High Court judgment last month ruled in favour of sukuk holders. Dana said on Monday that it still planned to appeal that judgement on the grounds that it was not permitted to represent itself in court.
(Reporting by Davide Barbuscia; Editing by Andrew Torchia) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))
Dana is refusing to redeem the Islamic bonds on the grounds that they are no longer sharia-compliant and have therefore become unlawful in the United Arab Emirates.
An English High Court judgment last month ruled in favour of sukuk holders. Dana said on Monday that it still planned to appeal that judgement on the grounds that it was not permitted to represent itself in court.
(Reporting by Davide Barbuscia; Editing by Andrew Torchia) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))
