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| 13 March, 2018

Dana Gas says UAE court orders it to proceed with $700 mln sukuk case

Dana said the Sharjah court had now prohibited it from withdrawing its lawsuits in the UAE or abandoning UAE court orders in its favour.

DUBAI  - A court in the emirate of Sharjah has ordered United Arab Emirates energy firm Dana Gas to continue with legal efforts in the UAE to have $700 million of its Islamic bonds declared invalid, the company said on Tuesday.

Last month, a High Court judge in London, where the dispute over the sukuk is also being fought, ordered Dana to withdraw its legal proceedings and injunctions in the UAE.

But in a brief statement on Tuesday, Dana said the Sharjah court had now prohibited it from withdrawing its lawsuits in the UAE or abandoning UAE court orders in its favour.

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(Reporting by Andrew Torchia Editing by Stephen Coates) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))