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Knowles J has continued an injunction restraining a US$95 million dividend in this ongoing dispute arising out of an $850 million Islamic finance transaction.

The injunction was initially granted (together with anti-suit injunctive relief) against the Claimant (“Dana Gas”) and its shareholders, on the application of Putnam SPV 4 LLC (“Putnam”), at a without notice hearing before Rose J. Such relief was granted to hold the ring pending determination of the application on notice. Dana Gas applied to discharge the order made by Rose J. By the time Dana Gas’s application came on before Knowles J, Putnam had been restrained by anti-suit injunction from the Sharjah Court (made on the application of one of the shareholders) from further pursuing its application. Having heard submissions from Dana Gas, Knowles J dismissed its discharge application and continued the injunction.

The case continues to attract considerable market interest (see here for example).

Robert Anderson QC and Andrew Scott (instructed by Weil Gotshal & Manges (London) LLP act for Putnam

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