Malaysia fights $15bn asset seizure bid

A man walks past the Petronas Twin Towers, headquarters of the Malaysian state-owned oil company, in Kuala Lumpur. Heirs of a 19th century sultan are trying to seize overseas assets of Petronas in order to enforce a European arbitration ruling against Malaysia. (Reuters File Photo)

KUALA LUMPUR: Malaysia has vowed to challenge a move by the heirs of a former sultan to seize its Dutch assets as part of the descendants’ efforts to enforce a US$15-billion arbitration award against the Malaysian state.

The heirs of the former sultan of Sulu on Thursday asked a Dutch court for permission to seize Malaysian assets in the Netherlands, where some of Malaysia’s biggest companies have operations — including the state oil company Petronas.