Malaysian Admiralty Court requires $1 Million deposit to bid for superyacht ‘Equanimity’

Ian Molyneaux
By Ian Molyneaux October 26, 2018 12:48

Malaysian Admiralty Court requires $1 Million deposit to bid for superyacht ‘Equanimity’

Photo Courtesy of Burgess Yachts

The bidding process for the impounded yacht Equanimity will begin on Monday 29th October in Malaysia and require a deposit of 1 million-dollars.

Lawyers representing the government fund 1Malaysia Development Berhad (1MDB) met with Judicial Commissioner Khadijah Idris at the High Court, Kuala Lumpur today where the proposed bidding terms were accepted.

The New Straits Times reported details after 1MDB lawyer Ong Chee Kwan spoke with journalists outside court.

“Today the court has approved the terms and conditions for the sale and the information will be released to the public soon,” said Chee Kwan.  “We will put an advertisement in local and international papers together with the contact details of the central agent. We will vet the bidders and those qualified have to put in a deposit 1 million US dollars because we want only serious bidders.”

The bids for Equanimity will be made in sealed envelopes and only opened by the Judicial Commissioner. As we reported earlier this month, surveyors Winterbothams was instructed by the High Court to carry out a valuation.

Anyone wishing to bid will be vetted and those who qualify will receive and offer form which would indicate that they accepted the terms and conditions.

Today’s announcements follow complicated legal processes for the sale of Equanimity.

The 91-metre superyacht has been at the centre a fraud investigation against a previous Malaysian government official Jho Low. Low is alleged to have fraudulently used the government fund’s money to indulge in an exuberant lifestyle. He denies the charges and his whereabouts are unknown to authorities.

On the 19th October the High Court confirmed that 1MDB and its two subsidiaries, MDB Energy Holdings Limited and 1MDB Global Investment Limited, were the rightful owners of Equanimity. The decision was made after registered owners Equanimity Cayman failed to attend court.

The bidding window will remain open until November 29th with the sale is being conducted by ship brokerage Burgess Yachts

Ian Molyneaux
By Ian Molyneaux October 26, 2018 12:48

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