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UAE: Investors win right to enforce Dana Gas sukuk in UK courts

The long-running saga over the attempts by Sharjah-based Dana Gas to cancel an Islamic bond and replace it with new instruments with lower yields took a small step towards a potential resolution on 17 November, when the High Court of Justice in London decided the contracts attached to the Sukuk Al-Mudarabah are enforceable under English law. Mr Justice Leggatt ruled that “all the grounds on which Dana Gas has sought to challenge the validity and enforceability of the trustee’s rights under the purchase undertaking… are unfounded.”

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