Malaysian state oil company Petronas confirmed on Tuesday that two of its subsidiaries in Luxembourg were seized.
The units were seized by the descendants of a late sultan, escalating a $15 billion legal dispute linked to an agreement signed 144 years ago, the Financial Times reported earlier in the day, citing lawyers. The company said its Petronas Azerbaijan and Petronas South Caucasus units were on Monday served with"Saisie-arret", essentially a seize order by court bailiffs in Luxembourg.
Petronas said the action taken against it was"baseless" and it was working to defend its legal position.
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