KUALA LUMPUR (July 13): Kepong Member of Parliament (MP) Lim Lip Eng has called upon Prime Minister Datuk Seri Ismail Sabri Yaakob to go “live” on TV to explain to the nation how national assets under Petroliam Nasional Bhd (Petronas) were seized in Luxembourg by the heirs of the purported Sulu sultanate.

The Financial Times on Tuesday (July 12) reported that two Luxembourg-registered subsidiaries of Petronas had been seized by “heirs” of the late Sultan of Sulu over a US$15 billion (approximately RM66.55 billion) legal dispute with the Malaysian government arising from an agreement signed 144 years ago.

In a statement on Wednesday, the DAP National Public Complaints Bureau chairman said the news report had put Malaysia in the spotlight again for the wrong reasons.

“We are now an international embarrassment again, after the much publicised 1Malaysia Development Bhd (1MDB) financial fraud.

“The prime minister is duty-bound to also inform us of the steps to be undertaken by the government to safeguard our other assets overseas from being seized.

“The people are keen to know if other Malaysian assets in the 167 countries that are signatories to the New York Convention are in the process of being taken over by the heirs of the Sulu sultanate,” he said.

The New York convention applies to the recognition and enforcement of foreign arbitral awards and the referral by a court to arbitration. Malaysia and Luxembourg are contracting states in the convention.

Lim said investors and financial markets will lose confidence in Malaysia if Ismail Sabri is unable to provide any sensible explanation, since the amount claimed by the Sulu heirs amounted to a total of US$14.92 billion (about RM62.59 billion) from Malaysia.

He said on March 1 this year, the Malaysian government was already warned — of the risk of the country's assets in the 167 countries being seized.

“What did Ismail Sabri and his Cabinet ministers do to prevent it? Who shall take responsibility for the money and resign?” he asked.

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