M/Y Equanimity seized in 1MDB investigation

alexbaldwin
By alexbaldwin March 8, 2018 12:17

M/Y Equanimity seized in 1MDB investigation

A 92-metre superyacht M/Y Equanimity has been arrested in Indonesia after its owner, Malaysian financier Jho Low, was accused of misusing government funds to purchase the asset.

The U.S. Department of Justice began looking into the financier in 2016 as part of an investigation into a state-owned strategic development firm 1Malaysia Development Berhad (1MDB). Whilst Mr Low reportedly never held a position within the company, he consulted with the firm and allegedly spent $250 million of the company’s funds to buy the Oceanco custom yacht – CNBC reported.

Interest in the 1MDB probe resurfaced after Mr Low was suspected to be in negotiations to end the investigation with Republican fundraiser close to President Donald Trump.

The yacht was found cruising in South East Asian waters and seized by Indonesian officials off the coast of Bali.

“We have been inspecting the crew since yesterday and now we are taking action, since we have received approval from the court,” Agung Setya, director of economic and special crimes at Indonesia’s criminal investigation bureau, told Indonesian 24-hour news channel Metro TV after having seized the vessel.

All 34 crew were found on board when the boat was arrested. Equanimity’s captain had reportedly switched off the yacht’s automated identification system (AIS) after setting sail to avoid detection in Philippine waters – Reuters reported.

The 1MDB was established in 2009 and officials related to the state-owned company are thought to have misappropriated around $4 billion.

alexbaldwin
By alexbaldwin March 8, 2018 12:17

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