Malaysian Government sells Equanimity

alexbaldwin
By alexbaldwin April 3, 2019 08:45

Malaysian Government sells Equanimity

The Malaysian government has agreed to sell the Equanimity superyacht for $126 million.

The government has agreed to sell the superyacht – previously attached from its former owner government official Jho Low – after it was arrested in Indonesian waters in March last year.

Low reportedly purchased the asset using funds allegedly misappropriated from the Malaysian government’s 1Malaysia Development Board (1MDB) strategic development programme. Low,  whose whereabouts are currently unknown denies these allegations.

Approximately $4.5 billion was siphoned from the 1MDB fund – with $250 million allegedly being used by Low to purchase the yacht.

The yacht was auctioned up by the Malaysian High Court in Kuala Lumpur on 29 October 2018 and selling broker Burgess Yachts was appointed to sell the 91-meter superyacht. Low fired back at the decision, claiming that the Malaysian government ‘illegally’ seized the yacht from Indonesia and criticised the US Department of Justice for dismissing the forfeiture.

The initial 30-day auction for the yacht in November last year netted no offers. According to The Guardian, the superyacht has now been purchased by Casino operator Genting Malaysia for $126 million – falling just short of the original $130 million reserve bid.

At Superyacht Investor 2019, we invited Sitpah Selvaratnam — the lawyer representing the Malaysian government in the legal battle over the custody and sale of Equanimity — to a panel to discuss yacht repossession.

When asked whether her clients were disappointed that the yacht failed to sell at the initial auction, she told Superyacht Investor:

“A little – they would have liked to see her sail out of Malaysia before the close of 2018, but all involved understood that the Judicial process in its compulsory stage of sealed bidding would take some getting used to by the yachting industry. And the 30-day time limit may not have drawn out all or the best interests.”

Equanimity is no longer listed on the Burgess website.

alexbaldwin
By alexbaldwin April 3, 2019 08:45

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