'Every inch you step, don't expect to see your descendants again - Din Kilau.'
Malaysian assets in the Netherlands are facing the possibility of being 'stolen' after lawyers for the heirs of the Sultanate of Sulu made an application to enforce a $15 billion arbitration award against the country.
It is believed to be a follow-up to the case last July, when 2 assets of Petroliam Nasional Bhd (Petronas) in Luxembourg namely Petronas Azerbaijan (Shah Deniz) and Petronas South Caucausus worth $2 billion were confiscated.
In this case, Petronas' assets in the Netherlands were targeted as the company has various types of business there including crude palm oil (CPO) and liquefied natural gas (LNG).
It is understood that the heirs of the Sultanate of Sulu have filed a petition against the Hague Court of Appeal to 'take Malaysian assets in the Netherlands' by enforcing their arbitration award.
The lawyer Paul Cohen added that after the petition there will be other enforcement actions of various types including jurisdictions that will see a number of Malaysian assets in the Netherlands and other places confiscated.
So far neither Putrajaya nor Petronas have issued any further statements regarding the petition filed.
In the meantime, the heirs of the Sultanate of Sulu are seen to be increasingly taking the rights of the country, especially after Putrajaya acted to stop payments following the bloody invasion by former supporters of the dynasty.
Following that, the heirs have enforced arbitration from the court over the suspension of payments while Malaysia insists that they do not recognize the action.
