Kuala Lumpur: Petroliam Nasional Bhd (Petronas) maintains that the action taken by the Sulu claimants against its two subsidiaries in Luxembourg (Luxcos) is baseless and will continue to defend its legal position.
“All efforts are focused on the Validation Proceedings where the court will determine the merits of the claims of which the Luxcos have a meritorious defence,” it said in a statement. The statement was referring to media reports on fresh seizure orders issued by Luxembourg court bailiffs for two units of the Malaysian state oil firm, Petronas, this week.
The Reuters report on Thursday (Feb 16) titled, “Petronas units in Luxembourg seized again in $15 billion arbitration dispute” stated that 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 $15-billion (US$1=RM4.42) award they had won against Malaysia, according to the heirs’ lawyer and court documents seen by Reuters.
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