The saga over the ownership of superyacht EQUANIMITY continues as the Malaysian High Court grants the Malaysian government the right to sell the 92m luxury yacht, which was allegedly bought with misappropriated funds from government-owned 1Malaysia Development Berhad (1MDB).
Following lengthy legal proceedings, the Admiralty Court in Kuala Lumpur has approved an application for the Malaysian government to sell EQUANIMITY and return the proceeds to 1MDB. The $250 million superyacht is believed to have been bought by fugitive businessman Low Taek Jho, or Jho Low, with money siphoned from 1MDB in the money-laundering scandal. Low is additionally accused of being the mastermind behind the massive corruption.
The superyacht was seized in Bali earlier this year at the request of US authorities investigating the scandal. She was transported to Malaysia in August, at which point 1MDB, its two subsidiaries, and the Malaysian government filed a court order looking to expedite the sale of the superyacht. The legal battle was fought against Equanimity (Cayman) Ltd., the holding company of the motoryacht.
Since the court gave its ruling greenlighting the sale, Equanimity Ltd. has critiqued the Malaysian government’s handling of the yacht.
Although the superyacht is expected to be sold by the end of the year, Equanimity Ltd. claim the yacht’s embroilment in legalities will make her challenging to sell. The company claims that ownership issues could take years to resolve and state that the Malaysian authorities’ impatience to sell ‘goes entirely against the interests of the yacht’, and could cause her market value to drop considerably.
They also condemned the Malaysian government for allowing the yacht to run on generator power and docking her in a hazardous environment rife with smoke and water pollution that could damage the yacht and further reduce in value.
Equanimity Ltd. also claim that they received no legally valid notice on the sale of the yacht.
However, the Malaysian government has contested that a quick sale will ensure the asset doesn't depreciate in value over time. The government wants to recover as much of the 1MDB money as it can, but legal battles over the ownership of the yacht continue to loom, and it costs roughly $7,500 in Malaysian taxpayers’ money to maintain the yacht each month.
Equanimity Ltd. has critiqued the Malaysian government’s handling of the yacht.
Crowned the Finest New Yacht at the Monaco Yacht Show 2014 and the largest in attendance that year, EQUANIMITY is a 2014 build delivered by Oceanco. She is the first ever yacht to be built to Passenger Yacht Code regulations, meaning that she can accommodate a huge number of guests and crew- 26 guests and 28 members of crew, to be exact.
On board, superyacht EQUANIMITY promises a wide range of facilities including a whirlpool on the private deck of the owner's suite and an additional, 20m pool on the main deck. Her interior is an elegant Asian-inspired blend of gold leaf and wedge wood that exudes opulence and sophistication that match the smooth, clean lines of her exterior.
However, her ice-classed hull makes her an expedition yacht, capable of traversing far-flung corners of the seas all while keeping her guests living in the lap of luxury.
- World’s largest explorer yacht REV hits the waterThe 183m/600ft expedition yacht REV has hit the water for the first time at the VARD shipyard in Romania.
- 86m S/Y AQUIJO now available to charter in remote South Atlantic islandsThe 86m/282ft sailing yacht AQUIJO is available to charter in the South Atlantic islands of Ascension Island, Tristan d...
- Sneak peak: Inside 136m ‘Flying Fox’, the world’s largest superyacht for charterDelivered earlier this year, the 136m/446ft motor yacht ‘Flying Fox’ made plenty of waves when she joined the internati...
- Video: 140m megayacht 'Project Lightning' on sea trialsLurssen’s 140m/459ft motor yacht ‘Project Lightning’ has been captured embarking on sea trials.
- Where can I charter a yacht in the Bahamas after Hurricane Dorian?YachtCharterFleet brings you the latest information on the current state of the Bahamas and up-to-date advice on where ...
- 111m superyacht TIS: 33rd largest yacht in the world now for charterLurssen’s 111m/364ft motor yacht TIS is now available for crewed yacht charters in the Mediterranean.