Petronas says taking steps to protect global assets after seizure of Luxembourg units
Petronas said it was taking steps to protect the legal position of all its global assets after two Luxembourg-based subsidiaries were served with a seizure notice last week - File Pic
KUALA LUMPUR: Malaysia's state energy firm Petronas said it was taking steps to protect the legal position of all its global assets after two Luxembourg-based subsidiaries were served with a seizure notice last week over a dispute with the heirs of a late sultan.
The steps Petronas was taking include engaging legal counsel, the company said in an emailed statement on Monday.
The seizure follows a French arbitration court ruling in February ordering Malaysia to pay $14.9 billion to the heirs of the last sultan of Sulu, to honour a deal he signed with a British trading company over the use of his territory, now known as the Malaysian state of Sabah.
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