Seizure of assets ‘baseless’, says Petronas

PETALING JAYA: Petronas tonight described the seizure of its two subsidiaries in Azerbaijan as “baseless”.

“Petronas is working vigorously to defend its legal position on this matter,” the national oil company said in a brief statement.

It also confirmed that the two subsidiaries, Petronas Azerbaijan (Shah Deniz) and Petronas South Caucasus, had been served with a ‘Saisie-arret’ on July 11.

Petronas also clarified that these subsidiaries had previously divested its entire assets in the republic and “the proceeds from the exercise have been duly repatriated”.

Earlier today, it was reported that the subsidiaries were seized by bailiffs after a French arbitration court ruled in March that Malaysia had to pay the descendants of the Sultan of Sulu at least RM62.59 billion.

The Financial Times reported that the seizure was part of legal efforts launched in 2017 by the heirs to receive compensation for land in Sabah that they said their ancestor leased to a British trading company in 1878.

The Attorney-General’s Chambers has since said it would “look into” the reported seizure, adding that it had just been informed of the matter.

Source: https://www.freemalaysiatoday.com/category/nation/2022/07/12/seizure-of-assets-baseless-says-petronas/

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