logo
Paris Court To Hear Sulu Case Appeal On July 7

Paris Court To Hear Sulu Case Appeal On July 7

BusinessToday30-04-2025
The Sulu group's arbitration claim against Malaysia will next be heard on July 7 at the Paris Court of Appeal, where the French judiciary will examine the validity of the US$14.9 billion arbitration award and other related legal aspects.
Minister in the Prime Minister's Department (Law and Institutional Reform), Datuk Seri Azalina Othman Said, confirmed the date and reaffirmed the government's unwavering stance in the case.
'Malaysia will continue to exhaust all efforts, rights and available resources to protect the country's sovereign immunity and interests, and to bring to a close the baseless fraud case by the Sulu group,' she said in a statement.
She added that recent rulings had significantly strengthened Malaysia's legal position and sovereignty, including: The French Court of Cassation cancelling the recognition of the preliminary award
cancelling the recognition of the preliminary award The Dutch Supreme Court rejecting the final award
rejecting the final award The French Court of Appeal convicting arbitrator Gonzalo Stampa of contempt of court
Azalina also said the Sulu group's claim had 'challenged the limits of Malaysia's sovereign immunity,' revealing the misuse of third-party funding and attempts by private arbitration tribunals to seize government assets through deceptive means.
Currently on a working visit to Europe, Azalina met with Malaysia's legal team in Paris to continue strategising and receiving updates on the ongoing case.
Previously, eight Filipino nationals claiming to be heirs of the defunct Sulu Sultanate filed for arbitration in Spain, demanding billions from Malaysia over Sabah. In March 2019, the Madrid Court appointed Gonzalo Stampa as arbitrator.
Despite his appointment being annulled, Stampa proceeded with the arbitration and issued a Final Award of US$14.9 billion on 28 February 2022, which Malaysia considers unlawful.
Malaysia's legal fight has seen several victories, including the French Supreme Court's full rejection of the Sulu group's legal challenge in November last year. That decision meant the Final Award is not recognised under French law, nullifying its basis for enforcement. Related
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Slot says Liverpool will only sign right player at right price amid Isak row
Slot says Liverpool will only sign right player at right price amid Isak row

New Straits Times

timea few seconds ago

  • New Straits Times

Slot says Liverpool will only sign right player at right price amid Isak row

LONDON: Liverpool boss Arne Slot said Thursday the Premier League champions will only sign the right player for the right price but refused to be drawn on the club's position regarding unsettled Newcastle striker Alexander Isak. Since Liverpool's reported £110 million (US$148 million) bid for the 25-year-old Sweden international was rejected earlier this month, they have not held further talks but equally do not appear to have given up hope of bringing Isak to Anfield. Newcastle, for their part, are reported to be demanding a British record transfer fee of £150 million for Isak. The forward's decision to go public on Tuesday, accusing Newcastle of breaking promises and saying he "can't continue" and "change is in the best interests of everyone", has intensified speculation about Isak's future. Newcastle's response was to insist: "We have been clear that the conditions of a sale this summer have not transpired. We do not foresee those conditions being met." The back and forth exchanges have all added another layer of interest to Liverpool's match at Newcastle's St. James' Park on Monday, with Isak expected to absent again as he continues to train away from the squad. Slot, speaking at a pre-match press conference on Thursday, said: "I am happy with the squad but if we think there is a player who can really make us better then this club has always shown they can bring them in." The Dutch manager, who has seen Liverpool's £300million-plus spending spree this summer offset by more than £200 million worth of sales, added: "But it needs to be everything we want: right transfer fee, right position and the player wants to come to us. "I don't think (it will be a busy end to the summer transfer window) because (that would mean) I would be unhappy with the squad and I am happy with the squad. "I say two players for each positions is ideal, but sometimes less is more so you are not disappointing players." Slot rejected suggestion Liverpool's trip to the northeast would be made easier by Isak's absence and the ensuing turmoil it has caused Newcastle. "I don't think they are a club with troubles," he said. "I assume Isak is not playing but they still have Anthony Gordon as a nine, they have Anthony Elanga as a right winger and Harvey Barnes from the left – and Jacob Murphy is not even playing. "This is the Premier League, we all have a lot of options and Newcastle have them as well." But Slot's options at right-back have been reduced, with new signing Jeremie Frimpong ruled out until after next month's international break with a hamstring injury sustained in their opening victory over Bournemouth. Joe Gomez was pressed into action for 18 minutes despite having had just two training sessions after three weeks out with injury. Gomez could still be in contention at Newcastle, with Conor Bradley only returning to training on Thursday. "At the moment we only have two injuries, but unfortunately it is two in the same position," said Slot. "The good thing is we have other players that can play there.

US says all 55 million visas fair game for review
US says all 55 million visas fair game for review

The Sun

timea few seconds ago

  • The Sun

US says all 55 million visas fair game for review

WASHINGTON: All 55 million foreigners who hold visas for the United States are subject to continuous review, the State Department warned Thursday as President Donald Trump ramps up his crackdown on visas and immigration. 'The Department's continuous vetting includes all of the more than 55 million foreigners who currently hold valid US visas,' a State Department official said. 'The State Department revokes visas any time there are indications of a potential ineligibility, which includes things like any indicators of overstays, criminal activity, threats to public safety, engaging in any form of terrorist activity or providing support to a terrorist organization.' The official did not say that all 55 million visas were under active review, but made clear that the Trump administration considered all of them fair game. The official, speaking on customary condition of anonymity, said that the Trump administration was stepping up scrutiny in particular for students. 'We're reviewing all student visas,' the official said, saying the State Department was 'constantly monitoring what people have said' on social media, which visa applicants are now required to show. Secretary of State Marco Rubio has proudly targeted anti-Israel protesters, using an obscure law that allows him to rescind visas for people deemed to counter US foreign policy interests. The State Department earlier said it has revoked 6,000 visas since Rubio took office in January with Trump. It marks four times as many student visas as president Joe Biden's administration revoked in the same period the previous year, according to the State Department. Rubio has argued that the administration has the right to issue and revoke visas without judicial review and that non-US citizens do not enjoy the US constitutional right to free speech. But the administration has faced setbacks in two of the highest-profile cases. Mahmoud Khalil, a legal permanent resident in the United States who led pro-Palestinian protests at Columbia University, was freed in June by a judge. Rumeysa Ozturk, a Turkish graduate student at Tufts University who wrote a piece in a campus newspaper critical of Israel, was freed by a judge in May pending arguments - AFP

Coconut oil becomes premium global commodity as Asia faces supply crunch
Coconut oil becomes premium global commodity as Asia faces supply crunch

New Straits Times

time30 minutes ago

  • New Straits Times

Coconut oil becomes premium global commodity as Asia faces supply crunch

KUALA LUMPUR: Coconut oil has stormed out of Asia's kitchens and into the global commodities spotlight, cementing its position as one of the hottest and most premium agricultural commodities. Prices are hitting record highs as supply tightens and demand accelerates across food, beverage, and personal care industries. Datuk Dr Mad Nasir Shamsudin, professor at Putra Business School, said the rally is transforming coconut oil into a strategic global commodity reshaping trade flows, underpinned by ageing plantations, erratic weather, chronic underinvestment, and surging demand. But soaring prices come with a sting. Consumers and manufacturers are being forced to either cut back or pivot to cheaper substitutes such as palm kernel oil, soybean, sunflower, and palm oil. The battle for dominance in edible oils has entered a new and volatile phase, Mad Nasir warned. In India, the world's biggest consumer, coconut oil prices have nearly tripled in less than two years to a record 423,000 rupees (US$4,840) per metric tonne, while global benchmarks have climbed to an unprecedented US$2,990, according to Reuters. The rally, which accelerated in late 2024, has been years in the making – fuelled by chronic underinvestment in coconut plantations, intensifying climate shocks, and booming demand for coconut-based food, beverages, and personal care products. Malaysia's modest role, premium prospects For Malaysia, although the industry faces limitations in scale and stiff competition from palm oil, opportunities exist in the premium segment – particularly virgin, organic, and cosmetic-grade oils, Mad Nasir said. He added that this niche could become a strategic growth area if backed by sustainability branding and value-added innovation. "In 2023, the planted area of coconuts in Malaysia stood at 85,400 ha. Over the past five years, the compound annual growth rate (CAGR) was about 0.48 per cent, reflecting modest but steady expansion. Despite fluctuations, the overall trend from 2013 to 2023 indicates relative stabilisation with only incremental growth," he said. He pointed out that coconut production in 2023 was 464,000 tonnes. However, the five-year CAGR up to 2023 was -1.32 per cent, pointing to a marginal decline. "Forecasts suggest a continued downward trend, with production expected to reach 428,770 tonnes by 2028 – an overall decline of 6.11 per cent from 2024, equivalent to a negative CAGR of -1.25 per cent. While the planted area has remained stable, yields have fallen slightly, resulting in lower output. Malaysia's coconut self-sufficiency ratio (SSR) was 71.6 per cent in 2022." From a market perspective, he said that coconut oil recorded fluctuating growth between 2014 and 2023. In 2023, market volume reached 40,000 tonnes, reflecting year-on-year growth of 2.56 per cent. Over the past five years, the CAGR was 0.51 per cent, showing a gradual upward trend. "This growth underscores coconut oil's increasing traction as a premium commodity, fuelled by greater consumer awareness of its health benefits and versatility. While Malaysia is traditionally known for palm oil, the coconut oil sector is emerging as a potential growth area, with promising prospects in both domestic and export markets. The strongest potential lies in the production of extra virgin coconut oil and other high-value coconut products," Mad Nasir said. Nevertheless, he said the coconut industry faces several challenges and constraints, such as a limited raw material base, which is declining acreage, and low copra output, which restricts expansion. "There is also competition from palm oil, which remains dominant, supported by significantly higher yields per hectare, strong government incentives, and a long gestation period. New plantings require 4 to 5 years to reach oil-bearing maturity, delaying returns. There are also global supply volatility issues. The weather variability and plantation health issues add uncertainty to long-term planning," he said. Mad Nasir said despite these constraints, coconut oil is transitioning into a global premium commodity, supported by health-driven consumer demand and tightening supply. For Malaysia, although not a major producer, opportunities lie in strengthening refining capacity, developing niche export markets, and aligning industry strategies with global demand. The inclusion of coconut under the Pineapple Board marks a positive policy step toward greater focus on the crop, he said. "To transform coconut oil into a new growth pillar, Malaysia must scale up production, enhance value-chain development, and design forward-looking policies that encourage innovation, sustainability, and private-sector investment," Mad Nasir said. On the implications for the palm oil industry, he does not foresee many implications given that Malaysia's oil palm sector spans about 9 million hectares and remains the backbone of the edible oil industry, supported by robust R&D, advanced technology, extensive market networks, and strong institutional frameworks. "Given its sheer scale and entrenched strengths, the palm oil industry will not be significantly affected by renewed interest in coconut oil. Instead, coconut oil is likely to serve as a complementary niche, carving out a premium space rather than displacing palm oil. A wake-up call for Malaysia Bank Muamalat chief economist Dr Mohd Afzanizam Abdul Rashid described the rally as a "wake-up call". "This is where economic complexity comes into play, where the agricultural sector will become a driver of economic growth," he told Business Times. He said that by diversifying away from crude palm oil, Malaysia is able to reduce dependence on a single commodity and unlock fresh opportunities. "It shows an opportunity to diversify our agriculture by ensuring our high dependence on crude palm oil (CPO) will be reduced as a result of the diversification decision. Not to mention, it creates some sense of awareness that agriculture has a lot of potential for corporates to explore," he said. "Our dependence on imported agri-food products is apparent. The country has been recording widening in trade deficits for agri-food from merely RM1.1 billion deficits in 1990 to RM39.3 billion in 2024," Afzanizam said. He said key agri-food products that have experienced deficits are meat and meat preparations (-RM6.9 billion), dairy products and bird's eggs (-RM3.8 billion), fish, crustaceans and molluscs and preparations thereof (-RM2.3 billion), cereals and cereal preparations (-RM9.1 billion), vegetables and fruits (-RM9.7 billion), sugars, sugar preparations and honey (-RM6 billion), coffee, tea, cocoa, spices and manufacturers thereof (-RM3.6 billion) and feeding stuffs for animals, excluding unmilled cereals (-RM3.1 billion). Afzanizam argued that with land, labour, and modern tools such as drones and precision farming, Malaysia has the capacity to reposition agriculture as a new growth engine. Global supply crunch Worldwide, coconut oil production has stagnated at 3.67 million tonnes for three decades, USDA data shows. Weather disruptions – from El Niño droughts to typhoon damage – continue to weigh on yields. Farmers chasing profits from coconut water are harvesting younger nuts, reducing supply for oil and copra. Reuters reported that the International Coconut Community expects prices to remain between US$2,500 and US$2,700 per tonne in the second half of 2025, well above historical averages. Traders say a retreat below US$2,000 is unlikely in the near term, pointing to the neglect of plantations and unfavourable weather in recent years. Coconut oil's premium over rival palm kernel oil has ballooned to US$1,000 per tonne – up from the usual US$100–US$200 – while palm kernel itself has climbed 30 per cent this year. Any major shift away from coconut oil could drive up prices of alternatives, including palm kernel oil for industry and palm, soy, and sunflower oils for households, Reuters said. While coconut oil is popular in Asia, demand for copra, coconut cream, and milk is strong in Britain, China, Europe, Malaysia, the United States, and the United Arab Emirates. The price shock is forcing policy debates across producer and consumer nations. Indonesia, the world's largest supplier, saw coconut oil exports fall 15 per cent in the first half of 2025 as farmers shifted to selling whole coconuts and desiccated products, which jumped 58 per cent, government data showed. Industry groups are urging Jakarta to suspend coconut exports for up to a year to stabilise prices. In India, where import duties exceed 100 per cent, trade associations are lobbying for relaxed rules to allow coconut oil and copra inflows. But even if policymakers act, supply relief will be slow. Farmers are expanding plantations, but seedlings take four to five years to yield – leaving little prospect of a swift correction. To ride the wave of booming demand, Indonesian farmers are opting to export whole coconuts rather than process them into oil, Reuters reported, quoting Amrizal Idroes, vice-chairman of the Indonesian Coconut Processing Industry Association.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store