FT reports on the latest developments in the US$15billion arbitration case against Malaysia
In a follow up to its article in July, The Financial Times has reported on the latest developments in Paul Cohen and Elisabeth Mason's historic US$15 billion arbitration case for the heirs to the Sultan of Sulu against Malaysia.
As the Sultan’s heirs expand their efforts to seize assets, including more than a dozen Petronas businesses registered in the Netherlands with interests ranging from China and India to the US and Canada, the Malaysian government continues to defend “any attempt by the purported Sulu heirs to enforce” the award.
4-5 Gray's Inn Square's Head of International Arbitration and Co-lead counsel for the claimants, Paul Cohen commented: ““This is part of an accelerating sequence of enforcement actions. The almost $15bn arbitration award, which Malaysia is trying to avoid settling, carries an annual 10 per cent interest payment. With those mathematics, playing for time seems a weak strategy.”
Bernardo Cremades Jr. of B. Cremades y Asociados worked as co-counsel in the arbitration with Cohen and Mason in Spain. Benjamin Siino and François Bordes of GBS Disputes act in recognition proceedings in France. Véronique Hoffeld and Olivier Marquais of Loyens Loeff serve as counsel in Luxembourg.