On December 9, 2025, the Paris Court of Appeal rendered what should be the ultimate decision in the Sultan of Sulu saga, annulling the final arbitral award that had purported to order Malaysia to pay US$ 14.92 billion to the heirs of the Sultan of Sulu. As we previously reported, the French Supreme Court’s November 6, 2024 ruling had already set the stage for this decision. The decision of the Paris Court of Appeal setting aside the final award, while expected, refines the Court’s reasoning and confirms the likely inapplicability of century-old colonial agreements.