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Petronas units in Luxembourg seized again in $15 bln arbitration dispute
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.
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.
Petronas confirmed the new seizure order for the two units and their parent company, but reiterated the heirs’ actions were baseless and that the company will continue to defend its legal position. Petronas on Friday said it will focus its efforts on validation proceedings in which the court will determine the merits of the claims.
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