Kota Kinabalu: Mara, an agency under the Federal Rural Development Ministry, is closely watching the situation following the seizure of two Petronas subsidiaries' assets reportedly worth more than US$2 billion by heirs of the last Sulu sultan.
Mara chairperson Datuk Seri Azizah Mohd Dun said Mara will ask its lawyer to monitor the development apart from ensuring all its officers and representatives outside the country are watching their assets in foreign countries.
“Yes, Mara also has assets outside the country. We just found out about this (the seizure of Petronas subsidiaries' assets). However, we will ensure our officers, our representatives outside the country will look after our assets.
“Later, we will also refer to our lawyer to monitor the development,” she told reporters on the sidelines of an event, here, this morning.
Petronas has confirmed the seizures and clarified that the subsidiaries, Petronas Azerbaijan (Shah Deniz) S.à r.l. and Petronas South Caucasus S.à r.l., had previously divested their entire assets in Azerbaijan and the proceeds from the exercise had been duly repatriated.
Yesterday, the Financial Times reported that two Luxembourg subsidiaries of Petronas had been seized by bailiffs as part of an ongoing dispute between the heirs of the Sulu sultanate and the Malaysian government.
Lawyers of the claimants had seized the offices of Petronas Azerbaijan (Shah Deniz) and Petronas South Caucasus.
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