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Late Sultan’s heirs press $15 bln claim, target Malaysian assets in Netherlands
Heirs of a late Southeast Asian sultan on Thursday asked a Dutch court for permission to seize Malaysian assets in the Netherlands, their lawyer said, seeking enforcement of a $15 billion arbitration award granted to them against Malaysia’s government.
The petition in The Hague Court of Appeal is an escalation of a long running dispute over a colonial-era land deal that threatens global assets of the Malaysian government and state-owned companies.
Malaysia’s government, which has said it does not recognise the heirs’ claim, did not immediately respond to a request for comment on the Dutch petition.
A French arbitration court in February ordered Malaysia to pay the $15 billion sum – the second largest arbitration award on record – to the descendents of the last Sultan of Sulu.
Malaysia obtained a stay on the ruling pending an appeal, but the award remains enforceable outside France under a United Nations treaty on international arbitration…..
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