KONTAN.CO.ID - 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 last sultan of Sulu's heirs are seeking to seize Malaysian government assets around the world in a bid to enforce an arbitration award handed to them by a French court in February. The subsidiaries were served with a seizure notice by Luxembourg court bailiffs. "Petronas contests the validity of these enforcement actions against its two aforementioned subsidiaries and is taking all necessary measures to defend its legal position," the company said in an emailed statement on Monday.
Petronas Says Taking Steps to Protect Global Assets After Seizure of Luxembourg Units
KONTAN.CO.ID - 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 last sultan of Sulu's heirs are seeking to seize Malaysian government assets around the world in a bid to enforce an arbitration award handed to them by a French court in February. The subsidiaries were served with a seizure notice by Luxembourg court bailiffs. "Petronas contests the validity of these enforcement actions against its two aforementioned subsidiaries and is taking all necessary measures to defend its legal position," the company said in an emailed statement on Monday.