2 Petronas subsidiaries reportedly seized by Sulu sultan’s heirs

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French court grants Malaysia stay on US$15 bil award to Sulu sultanate heirs

KUALA LUMPUR – Malaysia has reportedly received a stay on the US$15 billion (RM64 billion) awarded to heirs of the Sulu sultanate after a French court found its enforcement could infringe on the country’s sovereignty.

According to the Global Arbitration Review, the French court granted the stay yesterday following the Paris Arbitration Court’s decision in March.


The stay also comes barely a day after the heirs secured two subsidiaries of Malaysian oil company Petronas in Luxembourg.

The Financial Times yesterday reported that the Luxembourg-registered subsidiaries of Petronas, Petronas Azerbaijan (Shah Deniz) and Petronas South Caucus, which the company manages in Azerbaijan, were seized by bailiffs on behalf of the defunct sultanate’s descendants.

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