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Petronas says taking steps to protect global assets after seizure of Luxembourg units

Reuters
Updated ·1-min read
A logo of Petronas is seen at their office in Kuala Lumpur

KUALA LUMPUR (Reuters) - 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 steps Petronas was taking include engaging legal counsel, the company said in an emailed statement on Monday.

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 honour a deal he signed with a British trading company over the use of his territory, now known as the Malaysian state of Sabah.

(Reporting by A. Ananthalakshmi; Editing by Ed Davies)