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UAE: Dana Gas criticised by High Court in sukuk dispute
Sharjah-based Dana Gas has come in for pointed criticism in the High Court of Justice in London for breaching a number of court orders issued as part of an increasingly complex legal case involving its sukuk. The dispute involves legal proceedings in Sharjah and London, as the energy company tries to gain approval to cancel $700m worth of sukuk and replace them with new instruments with lower yields. The issue is time-sensitive as the sukuk are due for repayment on 31 October.
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