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

FILE PHOTO: A Petronas logo at their office in Kuala Lumpur, Malaysia August 15, 2017. REUTERS/Lai Seng Sin

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 last sultan of Sulu’s heirs are seeking to seize Malaysian government assets around the world in a bid to enforce an arbitration award handed to them by a French court in February. The subsidiaries were served with a seizure notice by Luxembourg court bailiffs.

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