KUALA LUMPUR: Luxembourg court bailiffs issued fresh seizure orders for two units of Malaysian state oil firm PETRONAS this week, following a bid by descendants of a former sultanate to enforce a US$15bil (RM66bil) award they had won against Malaysia, according to the heirs' lawyer and court documents seen by Reuters.
The Filipino heirs of the last Sultan of Sulu are seeking to enforce a $14.9bil 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.
PETRONAS has said it will contest any claims made on its assets and Malaysia has vowed to use all legal measures to prevent its assets, including state-linked companies, from being seized overseas. 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.
The Luxembourg court could not be immediately reached for comment. PETRONAS and Malaysia's law minister did not respond to requests for comment.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Petronas units in Luxembourg seized again in US$15b arbitration disputeLuxembourg court bailiffs issue second seizure order on two units, related bank accounts.
Read more »
List Petronas to lower national debt, MP urges | The Malaysian InsightWong Chen says possible to raise revenue of RM300 billion in a year with 20% of shares sold.
Read more »
Senaraikan IPO Petronas, bantu kurang hutang kerajaan, kata ahli Parlimen | The Malaysian InsightWong Chen berkata penyenaraian Petronas itu akan memberikan suntikan tunai yang besar bagi mengurangkan hutang negara.
Read more »
Syor senarai IPO Petronas perlu diteliti, kata Rafizi | The Malaysian InsightPenyenaraian IPO Petronas tidak harus melibatkan perkara-perkara termaktub dalam Akta Perdagangan Petroleum 1974, kata menteri ekonomi.
Read more »
Cadangan IPO Petronas perlu diteliti secara terperinci - Rafizi'Akta itu sebenarnya melindungai perkara-perkara khusus seperti fungsi Petronas dalam menjaga, mentadbir dan mengawal selia sumber hidrokarbon dalam negara ini.'
Read more »
Listing Petronas is like privatising Forestry Dept, says Rafizi | The Malaysian InsightEconomy minister says national oil & gas company has a unique position that needs to be considered.
Read more »