Mp Accuses Ag Petronas Lawyers Of Negligence Over Asset Seizures

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A DAP lawmaker has accused Attorney-General Idrus Harun and Petronas' legal team of negligence over the seizure of the national oil company’s assets by the purported Sulu sultanate.
In a statement today, Kota Kinabalu MP Chan Foong Hin questioned why the government allowed the country’s assets to be confiscated.
"How can the government allow such a thing to happen? Why was there no injunction or restraining order filed against the purported Sulu sultanate heirs from doing more malicious damage?"
"What has been done since the last time when the arbitration order was obtained? What has been done to set aside the arbitration order?
"Nothing it seems! This smacks of sheer negligence on the part of the attorney-general and Petronas' legal team," Chan (above) said without mincing words.
Assets worth US$2b
Earlier, London-based Financial Times reported that the heirs of the purported Sulu sultanate - who are claiming US$14.92 billion (RM62.59 billion) from Malaysia - seized two Luxembourg-incorporated subsidiaries of Petronas.
Lawyers of the claimants seized Petronas Azerbaijan (Shah Deniz) and Petronas South Caucasus, reportedly worth US$2 billion.
The lawyers said bailiffs in Luxembourg seized the holding companies on behalf of their clients on Monday.
Descendants of the last Sulu sultan, Sultan Jamalul Kiram II, are claiming the astronomical sum from Malaysia following an arbitration process.
The arbitration process was initiated in response to Malaysia cutting off the annual lease payments of RM5,300 to the Sulu sultanate in 2013.
Malaysia did not participate in the arbitration process in France, arguing that the dispute between Malaysia and the claimants was not a commercial contract and thus not subject to arbitration. - Mkini

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