Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Malaysia’s Petronas to fight seizure of Luxembourg assets

by
July 13, 2022
in Investing News
0
Malaysia’s Petronas to fight seizure of Luxembourg assets
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter

Malaysian state oil company Petronas said on Tuesday it would defend its legal position after two of its subsidiaries were seized in Luxembourg.

The units were seized by the descendants of a late sultan, escalating a $15 billion legal dispute linked to an agreement signed 144 years ago, the Financial Times reported earlier, citing lawyers.

The company said its Petronas Azerbaijan (Shah Deniz) and Petronas South Caucasus units were on Monday served with “Saisie-arret”, essentially a seize order by court bailiffs in Luxembourg.

Petronas said the action taken against it was “baseless”. It added that the units had previously divested their assets in Azerbajian with the proceeds already repatriated.

The seizure follows a French arbitration court ruling in February ordering Malaysia to pay $14.9 billion to the heirs of the last sultan of Sulu, to honor a deal he signed in 1848 with a British trading company over the use of his territory, now known as the Malaysian state of Sabah.

Malaysia took over the arrangement after independence from Britain, paying a token sum to the heirs annually.

But the payments were stopped in 2013, with Malaysia arguing that no one else had a right over Sabah, which was part of its territory.

Malaysian Prime Minister Ismail Sabri Yaakob in March vowed to fight the French court ruling, saying his government would not entertain anyone else’s claim over the state. – Reuters

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
South Korea’s PM warns of COVID surge as cases hit two-month high

South Korea’s PM warns of COVID surge as cases hit two-month high

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Budget dep’t releases additional P2B for DSWD crisis assistance program

Budget dep’t releases additional P2B for DSWD crisis assistance program

August 9, 2022
Kali Uchis about Ali Ciwanro, her private life and career

Kali Uchis about Ali Ciwanro, her private life and career

June 20, 2022
What to see This Week (08/19/22)

What to see This Week (08/19/22)

August 18, 2022
Jannik Sinner stays strong to down Alcaraz in fourth round thriller

Jannik Sinner stays strong to down Alcaraz in fourth round thriller

July 4, 2022
New York Mets edge Philadelphia Phillies in ninth inning of rain-delayed slugfest

New York Mets edge Philadelphia Phillies in ninth inning of rain-delayed slugfest

August 22, 2022
Physical distancing in schools may be relaxed in August

Physical distancing in schools may be relaxed in August

June 20, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.