Comments by "D W" (@DW-op7ly) on "Asia Rising: Kishore Mahbubani's Bold Prediction for the 21st Century" video.
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How Malaysia ended up owing $15 billion to a sultan's heirs
* KUALA LUMPUR, Aug 4 (Reuters) - Malaysia is scrambling to protect its assets as the descendants of the last sultan of the remote Philippine region of Sulu look to enforce a $15 billion arbitration award in a dispute over a colonial-era land deal.
In 1878, two European colonists signed a deal with the sultan for the use of his territory in present-day Malaysia – an agreement that independent Malaysia honoured until 2013, paying the monarch's descendants about $1,000 a year.
Now, 144 years later after the original deal, Malaysia is on the hook for the second largest arbitration award on record for stopping the payments after a bloody incursion by supporters of Sultan Mohammed Jamalul Alam's heirs in which more than 50 people were killed.
For years, Malaysia largely dismissed the claims but in July, two Luxembourg-based subsidiaries of state energy firm Petronas were served with a seizure notice to enforce the award that the heirs won in February. read more
The arbitration ruling in France followed an eight-year legal effort by the heirs and $20 million in funds raised for them from unidentified third-party investors, according to interviews with main figures in the case and legal documents seen by Reuters.
*Malaysia did not participate in nor recognise the arbitration - allowing the heirs to present their case without rebuttal - despite warnings that it would be dangerous to ignore the process.
The claimants, including some retirees, are Filipino citizens leading middle-class lives, a far cry from their royal ancestors of the Sulu sultanate that once spanned rainforest-covered islands in the southern Philippines and parts of Borneo island.
Reuters
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