Thursday 27, July 2017 by William Mullally

Dana Gas works with UAE counsel to solve Sukuk matter

Dana Gas PJSC , the Middle East’s largest regional independent natural gas company, has updated the market on the steps taken by the Company in compliance with the order of the English High Court of Justice issued on 5th July 2017 to lift the UAE Injunction and stay the UAE proceedings, which continued the English Injunction sought by the Company restraining the Delegate, Trustee and Security Agents.

Dana Gas PJSC , the Middle East’s largest regional independent natural gas company, has updated the market on the steps taken by the Company in compliance with the order of the English High Court of Justice issued on 5th July 2017 to lift the UAE Injunction and stay the UAE proceedings, which continued the English Injunction sought by the Company restraining the Delegate, Trustee and Security Agents.

The Company has obtained legal advice from UAE Counsel on the requisite steps to take in compliance with the English Court Order, and also made applications to the Sharjah Court for procedural directions. UAE Counsel have advised that based on UAE civil procedure and directions obtained from the Sharjah Court, the required steps must be made jointly by the Company and all the Respondents to the Judges appointed by the Sharjah Court to hear and determine the UAE proceedings.

The Sharjah Court further directed that these steps can only be taken following the July/August Sharjah Court Judicial recess, and once the Respondents located outside the UAE have been formally served using the officially-mandated diplomatic service process which can take between 3 – 6 months to complete. Accordingly, the Company has taken all of the necessary and available steps open to it to comply with the order of the English Court relating to the lifting of the UAE Injunction and staying the UAE proceedings.

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