KUALA LUMPUR (July 13): The Paris Court of Appeal (CoA) on Tuesday (July 12) allowed Malaysia’s application for a suspension order to temporarily halt the enforcement of an arbitration ruling in favour of the "heirs" of the Sulu Sultanate in the US$14.9b legal dispute between both parties, said Minister in the Prime Minister's Department (Parliament and Laws) Datuk Seri Wan Junaidi Tuanku Jaafar.
The national oil and gas company said that the actions taken against it as baseless and is working vigorously to defend its legal position on this matter
Prime Minister Datuk Seri Ismail Sabri Yaakob on Wednesday declined to comment on the seizure of Petroliam Nasional Bhd's (Petronas) Luxembourg-registered subsidiaries by descendants of the Sulu Sultanate following a US$15 billion (approximately RM66.55 billion) legal dispute with the Malaysian government that arose from an agreement signed 144 years ago.
Two Luxembourg-registered subsidiaries of Petroliam Nasional Bhd (Petronas) have been seized by “heirs” of the late Sultan of Sulu over a US$15 billion (approximately RM66.55 billion) legal dispute with the Malaysian government arising from an agreement signed 144 years ago, the Financial Times (FT) reported on Tuesday (July 12).
Petroliam Nasional Bhd has confirmed that two of its subsidiaries were served with seizing orders in Luxembourg on Monday (July 11), but clarified that these units had already divested their entire stakes in the natural gas project in Azerbaijan, and that the proceeds from the disposal had been repatriated.