KUALA LUMPUR, Malaysia – Malaysia said on Wednesday, July 13, it had obtained a stay order against the enforcement of a French arbitration court ruling ordering the government to pay $14.9A British law firm representing the heirs did not immediately respond to a request for comment.
The Paris Court of Appeal on Tuesday allowed an application by the Malaysian government for the stay after finding that enforcement of the award could infringe the country’s sovereignty, Malaysia’s law minister Wan Junaidi Tuanku Jaafar said in a statement.The stay order comes a day after lawyers representing the heirs of the late sultan moved to seize two Luxembourg-based units of Malaysian state oil firm Petronas.
A French court issued the $14.9 billion award in favor of the heirs in February, with Malaysia refusing to participate in the arbitration. Wan Junaidi said Malaysia did not recognize the heirs’ claim and would take all steps to uphold the country’s sovereignty. – Rappler.com