Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors

Dana Gas PJSC v Dana Gas Sukuk Ltd & Ors

The application for a stay of the English proceedings is refused because the issues of English and UAE law are inextricably linked, the exclusive jurisdiction clause in the Purchase Undertaking is binding, and Dana Gas as claimant cannot now seek to have issues tried elsewhere. An anti-suit injunction is granted to prevent Dana Gas from pursuing parallel claims in the UAE, as this would be vexatious and oppressive. The injunction restraining enforcement of the Purchase Undertaking is not continued, except that the Trustee is prohibited from distributing any funds received to certificateholders pending final determination. Summary judgment is granted declaring the other three agreements...

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 Court Financial List / Ruling on Applications for Stay, Anti Suit Injunction, Continuation of Injunction, Summary Judgment, Costs, and Permission to Appeal
Outcome
Applications by Dana Gas refused; anti-suit injunction granted; summary judgment granted; costs on standard basis; permission to appeal refused.
Legal Topics
Jurisdiction Clauses, Anti Suit Injunctions, Enforceability of Contracts, Foreign Law (uae Law), Summary Judgment, Costs, Permission to Appeal
Commercial Law Conflict of Laws Banking and Finance Jurisdiction Clauses Anti Suit Injunctions Enforceability of Contracts Foreign Law (uae Law) Summary Judgment +2 more

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 Court Financial List / Ruling on Applications for Stay, Anti Suit Injunction, Continuation of Injunction, Summary Judgment, Costs, and Permission to Appeal

Legal Issues

  1. 1 Whether the English proceedings should be stayed in favour of UAE proceedings
  2. 2 Whether an anti-suit injunction should be granted against Dana Gas to restrain UAE proceedings
  3. 3 Whether the injunction restraining enforcement of the Purchase Undertaking should be continued

Ratio Decidendi

The application for a stay of the English proceedings is refused because the issues of English and UAE law are inextricably linked, the exclusive jurisdiction clause in the Purchase Undertaking is binding, and Dana Gas as claimant cannot now seek to have issues tried elsewhere. An anti-suit injunction is granted to prevent Dana Gas from pursuing parallel claims in the UAE, as this would be vexatious and oppressive. The injunction restraining enforcement of the Purchase Undertaking is not continued, except that the Trustee is prohibited from distributing any funds received to certificateholders pending final determination. Summary judgment is granted declaring the other three agreements...

Court Disposition

Applications by Dana Gas refused; anti-suit injunction granted; summary judgment granted; costs on standard basis; permission to appeal refused.

Orders

  • Refusal of stay of English proceedings
  • Grant of anti-suit injunction restraining Dana Gas from pursuing UAE proceedings