KOTA KINABALU – Majlis Amanah Rakyat (Mara) has alerted all its entities in foreign countries following the seizure of two subsidiaries held by Petronas which were registered in Luxembourg.
Mara chairman Datuk Seri Azizah Mohd Dun said she was taken by surprise by the alleged seizures by the heirs of the Sulu sultanate and will watch the situation closely.
“This is new to me. But we will make sure all my officers and representatives in other countries are well informed of the situation, as well as our lawyers,” she told reporters on the sidelines of an event here this morning.
Mara sources told The Vibes that the agency holds various assets and businesses in countries such as Australia and Europe.
The Financial Times yesterday reported that the Luxembourg-registered subsidiaries of Petronas, Petronas Azerbaijan (Shah Deniz) and Petronas South Caucus, which the company manages in Azerbaijan, were seized by bailiffs on behalf of the defunct sultanate’s descendants.
Responding to the report, Petronas admitted they have been served with “saise-arret” on July 11 but clarified that the two firms had been divested of all its assets and the proceeds from the exercise have been duly repatriated.
It is unclear whether the two companies were still active in Azerbaijan when the legal letters were served.
“Petronas views the actions taken against it as baseless and is working vigorously to defend its legal position on this matter,” he said.
The seizure is part of the award issued by a French arbitration court totalling US$14.9 billion (RM66.1 billion) to the heirs of the defunct Sulu sultanate. – The Vibes, July 13, 2022
