Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors

Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors

The Purchase Undertaking is valid and enforceable under English law; the obligation to pay the Exercise Price is not conditional on the ability to transfer the Mudarabah Assets, and no English public policy or conflict of laws principle prevents enforcement. Dana Gas's application to set aside the November judgment and for permission to appeal is dismissed.

Parties
Claimant: Dana Gas PJSC; 1st Defendant: Dana Gas Sukuk Limited; 2nd Defendant: Deutsche Trustee Company Limited; 3rd Defendant: Deutsche Bank AG; 4th Defendant: Commercial International Bank; 5th Defendant: BlackRock Global Allocation (Egypt) SAE Fund, Inc.
Jurisdiction
England and Wales
Judgment Date
01 February 2018
Procedural Posture
Commercial / Application to Set Aside Judgment and for Permission to Appeal
Outcome
Application dismissed; permission to appeal refused
Legal Topics
Interpretation of Contract, Enforceability of Collateral Contracts, Public Policy Exceptions, Sukuk/islamic Finance Instruments
Contract Law Conflict of Laws Banking and Finance Interpretation of Contract Enforceability of Collateral Contracts Public Policy Exceptions Sukuk/islamic Finance Instruments

Case Brief

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Parties

Dana Gas PJSC

Claimant

Dana Gas Sukuk Limited

1st Defendant

Deutsche Trustee Company Limited

2nd Defendant

Deutsche Bank AG

3rd Defendant

Commercial International Bank

4th Defendant

BlackRock Global Allocation (Egypt) SAE Fund, Inc.

5th Defendant

Procedural Posture

Commercial / Application to Set Aside Judgment and for Permission to Appeal

Legal Issues

  1. 1 Whether the obligation to pay the Exercise Price under the Purchase Undertaking is conditional on the ability to transfer the Mudarabah Assets
  2. 2 Whether the Purchase Undertaking is void for mistake
  3. 3 Whether the Purchase Undertaking is unenforceable as a matter of English public policy

Ratio Decidendi

The Purchase Undertaking is valid and enforceable under English law; the obligation to pay the Exercise Price is not conditional on the ability to transfer the Mudarabah Assets, and no English public policy or conflict of laws principle prevents enforcement. Dana Gas's application to set aside the November judgment and for permission to appeal is dismissed.

Court Disposition

Application dismissed; permission to appeal refused

Orders

  • Application by Dana Gas to set aside the November judgment is dismissed
  • Permission to appeal is refused