Petronas units in Luxembourg arrested again in $15 billion arbitration dispute | – #Petronas #units #Luxembourg #arrested #billion #arbitration #dispute
KUALA LUMPUR, Feb 16 (Reuters) – Luxembourg court executives for two units of Malaysia’s state oil company Petronas ( PETR.UL ) are 15 scions of the former sultanate billion new this week after a proposal to introduce a dollar premium imprisonment made the decision. A lawyer for the heirs seen by Reuters and court according to his documents, he had won Malaysia.
Last year amid a long-running dispute between the Filipino heirs of the last Sulu sultan and the Malaysian government over a colonial-era land deal France 14.9 awarded to them by the arbitral tribunal billion dollar prize execution they try to do.
Malaysia, which did not participate in the arbitration, maintains that the process is illegal. Award in France held, but the award remains enforceable abroad under the United Nations arbitration agreement.
Petronas to any claims related to its assets protest and Malaysia has vowed to use all legal measures to prevent the seizure of its overseas assets, including those of state-linked companies.
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Petronas Azerbaijan (Shah Deniz) and Petronas South Caucasus units were first seized in July 2022, but the Malaysian government last month challenged the order by a Luxembourg district court. cancellation said that it was done.
Luxembourg on Tuesday court executives to departments and related bank second to the accounts imprisonment issued the decision, citing court documents shared by the heirs’ attorney, Paul Cohen.
Cohen, of the British law firm 4-5 Gray’s Inn Square, told Reuters that the Luxembourg district court had indeed issued the first confiscation order in a small matter that has since been settled. cancellation did, but did not make a decision on the merits of the arbitration.
“There was a technicality that has now been effectively resolved and the freezing orders on Petronas assets in Luxembourg are once again in place,” he said via email.
The Luxembourg court could not immediately be reached for comment. Petronas and Malaysia’s law minister did not respond to requests for comment.
The dispute stems from an 1878 treaty between the two European colonists and the sultan of Sulu regarding the use of his territory in present-day Malaysia – an agreement that independent Malaysia would honor by paying an annual tribute to the monarch’s descendants until 2013.
Kuala Lumpur suspended payments after a bloody raid by supporters of the former sultanate, who wanted to reclaim land from Malaysia. The heirs say they did not participate in the intervention and appealed to the arbitration court to stop the payments.
Supplement by A. Ananthalakhsmi report; Edited by Kanupriya Kapoor
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2023-02-16 08:13:11
Source – reuters
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