Kota Kinabalu: A Paris court has allowed Malaysia's application to suspend the enforcement of an arbitration ruling for "heirs" of the now-defunct Sulu sultanate in a US$14.9 billion dispute related to their Sabah claim, said Malaysia's de facto law minister.
Datuk Seri Wan Junaidi Tuanku Jaafar said the ruling was not supposed to be enforced in any countries until a final decision is made by the Paris court on Malaysia's bid to cancel the ruling, of which the hearing dates are yet to be set, The Edge Markets reported.
“The Suspension Order is the result of various legal actions taken by the government of Malaysia since the (Sulu Sultanate's heirs') claim was filed to end all claims and ensure that Malaysia's interests, sovereign immunity and sovereignty remain protected and preserved,” The Edge Markets reported Junaidi as saying.
Two Petronas subsidiaries' assets in Azerbaijan were reportedly seized by bailiffs after a French arbitration court ruled in March that Malaysia had to pay the "heirs" at least RM62.59 billion.
The Financial Times reported that the move to seize Petronas’ Luxembourg-registered subsidiaries, Petronas Azerbaijan (Shah Deniz) and Petronas South Caucasus, was part of legal efforts launched in 2017 by the "heirs" to receive compensation over land in Sabah they said their ancestor leased to a British trading company in 1878.
* Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss.
* Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
