September 22, 2017 / 10:39 AM / a year ago

London Dana Gas sukuk trial to proceed despite UAE injunction -judge

LONDON, Sept 22 (Reuters) - A London High Court trial on the validity of $700 million sukuk issued by the UAE’s Dana Gas will proceed on Monday despite an injunction from a UAE court obtained by some shareholders.

Judge George Legatt said on Monday BlackRock, which has some exposure to Dana Gas’ Islamic bonds, will present its case.

The case will then adjourn until October 12 to see if the UAE court in Sharjah can discharge its injunction.

If it does not discharge its injunction, the judge said he could go straight to a ruling in the case, which is being closely watched by the Islamic finance industry. (Reporting by Alexander Winning, writing by Davide Barbuscia; editing by Jason Neely)

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