2 Petronas subsidiaries reportedly seized by Sulu sultan’s heirs

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PETALING JAYA: Two Petronas subsidiaries in Azerbaijan have reportedly been seized by bailiffs after a French arbitration court ruled in March that Malaysia has to pay the descendants of the sultan of Sulu at least RM62.59 billion.

The Financial Times reported that the move to seize Petronas’ Luxembourg-registered subsidiaries, Petronas Azerbaijan (Shah Deniz) and Petronas South Caucasus, is part of legal efforts launched in 2017 by the heirs to receive compensation over land in Sabah they said their ancestor leased to a British trading company in 1878.

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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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Court order to seize Petronas assets unenforceable, says Putrajaya

PETALING JAYA: The French court order to seize the assets of two Petronas subsidiaries is not enforceable, law minister Wan Junaidi Tuanku Jaafar said.

He was commenting on reports that the assets were seized after a French arbitrator handed down an award which required Malaysia to pay descendants of the Sultan of Sulu compensation of at least RM62.59 billion.

Wan Junaidi said the government had never recognised the claim.

“Neither have we renounced our sovereignty,” the minister said in a statement.

Wan Junaidi said the French Court of Appeal granted yesterday a stay of the award, which was issued by arbitrator Gonzalo Stampa.

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