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Home World News

Luxembourg subsidiaries of Malaysia’s Petronas seized in $15 billion legal dispute

CNBC International TV by CNBC International TV
August 22, 2022
in World News
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Luxembourg subsidiaries of Malaysia’s Petronas seized in $15 billion legal dispute
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A $15 billion legal dispute between two Luxembourg subsidiaries of Malaysian state oil company Petronas and the descendants of a late sultan is now playing out in the courts.

The latest twist is linked to an agreement signed 144 years ago when Malaysia was dominated by British trading companies and Philippine Sultanates were fighting the Spanish. CNBC’s JP Ong explains.

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Comments 37

  1. lolito lolito says:
    3 years ago

    correction,,, Malaysia and the Brtish EXCLude the Owner SUlo SUltanate,,, thats why Malasia said they have no agreement with the Owner SUlo SUltanate

  2. Taong Lobo says:
    3 years ago

    Even most of the west Philippines sea is owned by the sultan of sulu. China needs to pay up!

  3. raineer tundag says:
    3 years ago

    Malaysia has been paying the sultanate for many years, yes the sulanate given all its rights but to the Philipines, Sabah welcome home

  4. AnimeXsenpai says:
    3 years ago

    When you dead and your grandchild claimed what you won't to claim 🤣

  5. AnimeXsenpai says:
    3 years ago

    Sulu was puppet by Philippines to get sabah and kidnapping activity at southern Philippines still active like usually. Philippines is not manila only. South also Philippines. Grow your country before taking any land. Sabah for sabahan. Not Philippines. If we given two option. We choose to be Malaysian than pinoy. Our economy is far more safety and better than Philippines. So we want to moving forward not go to behind. Im sorry my English not good like any Philippines but English doesn't mean you great. Like example japan and korea

  6. Mossad Jericho says:
    3 years ago

    Sultanate of Sulu did not give up its rights over Sabah.its just a lease.thats why Malaysia pays rent.get your facts straight.

  7. Mossad Jericho says:
    3 years ago

    The Philippines have been asking Malaysia for a long time now to bring this issue to the International Court of Justice,but Malaysia repeatedly refuses to do so. Because they know they will lose.

  8. Jose ferry Matias says:
    3 years ago

    As we, the clan of the Las Yslas Filipinas have eagerly Intervened into this issue, we are the rightful owner and that of the sovereignty over the SABA BORNEY ISLANDS together with ITS DEMARCATION LINES. c1565-c1898 AD. MAP OF LAS YSLAS FILIPINAS FOR YOUR INFORMATION AND REFERENCE . SULTANS INSTRUMENT WAS EXECUTED BEFORE OR WHATEVER IT IS HAD NO RIGHTS AND NO LEGAL REPRESENTATION WAYBACK 1878, IF HE DID HE WAS ONE OF THE HEIRS RECIPIENT AS DONEE FROM SULTAN OF BRUNAI HE NEVER SAID HE RAISED AND APPEAR BEFORE THE RULER OF THE LAS YSLAS FILIPINAS RECEIVING AUTHORITY AND RIGHTS TO TRANSACT BETWEEN BRITISH COMPANY DURING THAT TIMES. SO DOUBTFUL RIGHTS. AS WE ARE INDEED OBJECTED TO AND CURRENTLY REVOKING THE ILLEGITIMATE CONTRACT BETWEEN BRITISH COMPANY AND SULTAN OF SULU. THEIR CLAIM IS NULL.

  9. Sebastian Lange says:
    3 years ago

    The stupidity of Sulu. Sulu is neither a country nor a government, how can the European courts accept such a case. Further more Sulu historically does not have any rights in Sabah. The Suluks are sea pirates and nothing more!

  10. NATARAKI Kimat says:
    3 years ago

    Stern warning from 👉People or 👉Nation about the North Borneo Territory : And behold any man or nation who shall use their 💢power to keep these lands from me and the kingdom shall be 💥🤚🕳cast down and trodden upon🕳💯. And they shall 👉🕳lose their power💔. For these lands were given by my Father to establish a Kingdom herein.
    This passage from The " Lesser Gospel of Buka chapter 8, Filipino Bible Ang Aklatan.

    Search about " Ang Aklatan" about the Maharlika Kingdom with the North Borneo Domain.

  11. kristina argosino says:
    3 years ago

    It’s about time, please give and pay back the Sultanate of Sulu, we’ve been waiting for this moment, please give it back and pay the Sultanate of Sulu, We love our neighboring countries as our President says Philippines is friends of everyone and enemy to none, but give justice to the Sultunate of Sulu.

  12. Gon_Freecs says:
    3 years ago

    Luzon, Visayas, Mindanao, and Sabah Philippines🇵🇭

  13. Gon_Freecs says:
    3 years ago

    When you pay rent to a land its because the land doesn't belong to you. Malaysia pays rent to Sultanate of Sulu since 1898. Therefore Sabah doesn't belong to Malaysia. (Period!)

    Luzon, Visayas, Mindanao, and Sabah Philippines🇵🇭

  14. Jokla Kulatog says:
    3 years ago

    If you go back to History of how the Sulatanate of Brunei awarded Sabah to Sulatanate of Sulu in Exchanged of fallen Tausug Warriors who died in vein in defending the war in Brunei. In short they earned the land thru hard way by swet and blood of fallen warriors of Sulu. And here we are Malaysia take Sabah by force to Sultanate of Sulu and treat the real owner of the land as Squater in his own rights. In Philippines we called them a Professional Squater and our government find out it's not easy to deal with because they acts and pretend as a victim. It's good that it's was brought to International Court and justice is served.

  15. Yaphet Fiedacan says:
    3 years ago

    Malaysia is part of sea ,why not pay the actual compensation,you have benifited so much on sabah now you want it thats yours. A renter want to be the owner ,swapang kayo. Now you said you must protect your asset overseas ,really how can you protect it when you have to pay 15busd.the court and attneys is your problem not the sultanate.karma is real.

  16. Tubianosa, Eleazar Rae G. 2C-ICHEM says:
    3 years ago

    SABAH PHILIPPINES! 🦅

  17. Christopher Violan says:
    3 years ago

    get your facts right.. the sultanate of sulu never gave up their rights.. biased and fake news media

  18. my interest says:
    3 years ago

    Its all the british faults for doing the rentals of Sabah so its your responsibilities to give it back.

  19. Chinese Communist Poultry 中国人共产家禽 says:
    3 years ago

    a company cannot sell a territory, so Philippines owns it

  20. alice bagalso says:
    3 years ago

    Whatever what the journalist was saying just trying to twist everything in favor of Malaysia. Just give it back to the rightful ownership which is the Sultanate of Sulu under the Republic of the Philippines.

  21. philip Lagando says:
    3 years ago

    Idiot. U should study more about the topic. The Sulu Sultanate would never sell any of their lands. In fact, the Tausog not only fought the Spanish Colonizers but also the American Colonizers after them and the Japanese Invaders in WW2. They only need the money to finance their struggle against the usurpation of their lands by the Spaniards and American Forces afterwards.

  22. toto elio says:
    3 years ago

    what gave up you said you are using wrong word to the phrase, it was leased not give up asshole.

  23. Chairman Xi JinPooh says:
    3 years ago

    you know when disputes have its origin from the 1800's, the British are somehow involved with it.

  24. Hanabis gaming says:
    3 years ago

    I am filipino and i think better sabah will establish their own government.. sabahan keep on saying that they are malaysian than being filipinos.. better make your own identity sabahan because malaysia is known as chinese, indian, malay races and this 3 races fight each other because they think they are superior.. i've talk to indian and says they are the first settler, i've talked to chinese and said they are the first settler and i've talk to malays they said they are the real owner🤦‍♂️.. i know that because i once worked in malaysia.. while sabah isn't that diverse yet.. better make your own identity Because if i will be ask as a filipino. I don't like any other race claim my country except filipino. Be wise.. philippines and malaysia claiming your country because of your oil. Malaysia is nothing but a poor country if sabah isn't in their state. While philippines can stand without oil industry even they call philippines as poor country but the salary of the people here in philippines are the same in malaysia if you are professional

  25. Lam Par says:
    3 years ago

    Payment had been made by Brit. North Borneo company on the leased land at north side of Sabah to Sulu Sultan heir accordingly as the agreement stated, and continuedly by Putrajaya after MA63 until 1913. Without any legal ground, Putrajaya stopped making payment to Sulu heir suddenly, led to this dispute and ultimate seized of National oil Petronas subsidiary asset oversea. Go figure how some honor-less Putrajaya politicians can really screw up when in charge of a country.🤴🏿🤴🏿

  26. Ernesto Guevara says:
    3 years ago

    Sabah will never be part of Philippines. in fact, the actual Sulu's territory only consist along coastal area of Sabah at north and east border, not the whole province like Filipinos claims. the 'right' owner would be BRUNEI not Philippines. but both Brunei and Sulu gave up the land as *grant and cede*(not lease), to North British Borneo. the rest is history!

  27. Enrique Olorvida says:
    3 years ago

    JP Ong… There's no giving up of rights. THAT'S RENT!

  28. Fernando Heustagio says:
    3 years ago

    i understand that this recent turn of events is devastating to malaysians -many of whom were not even aware of the sabah claim. filipinos were very much knowledgeable on this on the other hand and have waited patiently for the truth to come out. the arbitral court finally confirmed what we in the philippines have known all along yet stop short of saying which country sabah obviously belongs to. but eventually, it too will come to that.

  29. Edgar Mendoza says:
    3 years ago

    Malaysian bad tenant…

  30. Jose Roger Cahilig says:
    3 years ago

    Conspiracy and Manipulation .this all about.
    This is the result of Conspiracy between British and Malaayians.Why? and Why.
    During 1963 when they form the Federation of Malaya, today known as Malaysia, WHY does they include Sabah eventhough they know there is an existing Contract between the Sultanate of Sulu and the British North Borneo Company.

  31. Akilez New England says:
    3 years ago

    If Malaysia Government will not compensate the Sultan of Sulu. Remember March 2013 was only A Warning from the Filipino Moro Warriors. They said the estimated soldiers of MILF is 1 million and 200,00 active soldiers. Sorry but the Malaysian government should secede to the court orders of The Hague. Remember the muslim people can Cry for Jihad in Sabah. We don't want that to happen trust me.

  32. Edgardo Maute says:
    3 years ago

    Fake news,, u dont know wat ur saying

  33. DaUsi Dato ALi Gorib says:
    3 years ago

    WHAT THE HEIRS OF THE SULTAN OF SULU NEED TO DO IS GET THE RIGHTS AS LEGAL OWNER OF SABAH STATE LAND. EVERY LAND OWNERSHIP MUST HAVE A WAY IN THE LEGISLATION OR ANY WAY THAT CONFIRMS THE OWNERSHIP RIGHT.. AS LONG AS THE HEIRS OF SULU DO NOT HAVE ANY GRANTS/AWARDS AND LEGAL DECLARATION THE PARTIES INVOLVED THE HEIRS OF SULU SHOULD KEEP QUIET AND STOP THIS CLAIM. NO MATTER WHAT EVEN HISTORY IS RECORDED OR THE TREATY THAT WAS SEALED..ATTEMPTING TO DISTURB WORLD PEACE IS A CRIME..IF YOU ARE TRUE YOU PROVE IT IN LEGAL COURSE..IF YOU JUST RELY ON HISTORICAL STORIES AND A PIECE OF LETTERS THAT DO NOT HAVE CHARACTERISTICS OF A TREATY AND OATH AND THE WITNESSES SIGN IT IT IS NOT LEGAL.. PROVE FIRST YOU ARE THE OWNER WHO IS DECLARED THE LEGAL OWNER BY WORLD LAW. IF NOT YOU BETTER SHUT UP AND STOP THIS FALSE AND STUPID CLAIM..

  34. Racqz Santillan says:
    3 years ago

    Pls follow the rule of law. Correction, Sultunate of Sulu did not gave up the rights.. Truth and Justice shall prevail. This is for all the stateless people in Sabah who has been oppressed for so long, who have been deprived of their many rights…

  35. michael ebcas says:
    3 years ago

    What a WAR!!!

    an international court ruling has now favored the heirs of the Sultan of Sulu, that would mean their claim is legit. The challenge now is in the gov't of Malaysia on how to prove them wrong, but the BIG question how? The ruling has been out there & the entire world already knows. How should Malaysia face the Muslim community if it continue to ignore a legitimate claim from their Muslim brothers.

    By not paying the award worth almost $15B dollars would mean HARAM to the Muslim world, on the other hand by paying the award it would mean that the gov't of Malaysia acknowledges the fact that it's just renting Sabah and so there is now the need to renew the lease contract to continue exploiting the resources.

    Furthermore, it would gain more political leverage for the Philippine government to meddle and insist its sovereignty over Sabah.

    I would just say sorry Malaysia, you are now CHECKMATED

    I think as early as possible settle it peacefully to avoid the loss of lives & properties

    both sides (Malaysian Gov't and the Philippine Gov't) even the heirs are not willing to abandon what is supposed to be theirs because of the pressure from its people.

    Just bring it to the International Court of Justice (ICJ) for all of you to have a clean hands whether loosing or winning it, then CONCEDE…thank you all!!! ✌

  36. Green World says:
    3 years ago

    The Philippines become rich if the government is power full the tourist investor ..and control all asset of important primary needs of Filipino people like oil rice water and energy like Manila water this must own py Philippines government not private and oil gast not Chinese like airport and there is no one foreigner can own privatized the Filipino land .. because of pekpek that sells to the Chinese..kaya nag mukhang Pera din Ang kababaihan na Filipina dahil sa hirap Ng Buhay pero kung yayaman Ang Philippinas walang Uring Filipino Ang magpapaalipin sa dayuhan..

  37. Propeta mckissack says:
    3 years ago

    The Sultanate of Sulu never give up their Rights to any foreigners…

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