Dana Gas is prohibited from withdrawing its lawsuits, acfording to a statement from Dana.
Dana Gas announced on Tuesday that a Sharjah court ordered the company to carry on with legal proceedings in the UAE to have the majority of its Sukuk declared invalid.
According to analysis from Reuters, this sets up a direct conflict between the courts of the UAE and Bahrain, where Dana Gas and the Sukukholders have been in dispute over the Sukuk’s validity. In February, a London High Court judge came down in favor of the Sukukholders, Reuters reported.
According to the statement from Dana, Dana has been prohibited by Sharjah courts from withdrawing its UAE lawsuits or disregarding the UAE court orders that have been made in the company’s favor. The Sharjah court also said that the enforcement of the London judge’s decision are suspended until the UAE courts have deemed them eligible for enforcement, Reuters reported.