Petronas says taking steps to protect global assets after seizure of Luxembourg units
Reuters
July 18, 2022 13:42 MYT
July 18, 2022 13:42 MYT
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.