The Filipino heirs of the last Sultan of Sulu are seeking to enforce a $14.9-billion award granted to them by a French arbitration court last year, amid a long-running dispute with the Malaysian government over a colonial-era land deal.
KUALA LUMPUR, Malaysia – Luxembourg court bailiffs issued fresh seizure orders for two units of Malaysian state oil firm Petronas PETR.UL this week, following a bid by descendants of a former sultanate to enforce a $15-billion award they had won against Malaysia, according to the heirs’ lawyer and court documents seen by Reuters.
Malaysia, which did not participate in the arbitration, maintains the process is illegal and has vowed to use all legal measures to prevent its assets, including state-linked companies, from being seized overseas. It obtained a stay on the award in France but the ruling remains enforceable overseas under a United Nations treaty on arbitration.
The Petronas Azerbaijan and Petronas South Caucasus units were first seized in July 2022, but the Malaysian government said last month that the order had been set aside by a Luxembourg district court. Cohen, of British law firm 4-5 Gray’s Inn Square, told Reuters the Luxembourg district court had indeed lifted the first seizure order on a minor issue that has since been addressed, but had not made a judgment on the merits of the arbitration.
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