PETRONAS units in Luxembourg seized again in RM66bil arbitration dispute

KUALA LUMPUR: Luxembourg court bailiffs issued fresh seizure orders for two units of Malaysian state oil firm PETRONAS this week, following a bid by descendants of a former sultanate to enforce a US$15bil (RM66bil) award they had won against Malaysia, according to the heirs' lawyer and court documents seen by Reuters.

The Filipino heirs of the last Sultan of Sulu are seeking to enforce a $14.9bil award granted to them by a French arbitration court last year, amid a long-running dispute with the Malaysian government over a colonial-era land deal.