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1MDB, government seek court order to expedite sale of Equanimity

1MDB, government seek court order to expedite sale of Equanimity

Seized luxury yacht Equanimity, belonging to fugitive Malaysian financier Low Taek Jho, is brought to Boustead Cruise Terminal in Port Klang, Malaysia August 7, 2018. REUTERS/Lai Seng Sin

KUALA LUMPUR: The Malaysian government and 1Malaysia Development Berhad (1MDB) filed a court order on Thursday (Aug 23) seeking to expedite the sale of the superyacht Equanimity.

READ: 1MDB scandal: A timeline

In the notice of application, the plaintiffs asked for the sale of the ship, bunkers, fuel, lubricants and other consumables on board to be conducted via public tender or private treaty by the sheriff of the Admiralty Court in Malaysia.

The plaintiffs said the ship was physically deteriorating as it was exposed to the elements of the sea and weather, and it was in the interest of all parties that the vessel was sold as soon as possible to avoid further diminution of the value of the vessel.

"The diminution will cause hardship on the plaintiffs as the value of the vessel has already depreciated and the continuing costs of maintaining her arrest will only reduce the amount to be recovered," they said.

The plaintiffs also asked for the purchase price to be paid to the sheriff in US dollars, euros or ringgit. They said the proceeds of the sale of the vessel should be placed in a bank account in Malaysia as approved by the Accountant-General.

"The sheriff and/or the plaintiffs should be authorised to arrange and pay for the repatriation of the master, officers and crew of the vessel," the plaintiffs added.

Equanimity has almost become a symbol for the millions of dollars allegedly misappropriated from 1MDB.

The Cayman Islands-registered superyacht belongs to Jho Low, a fugitive Malaysian financier with links to former prime minister Najib Razak. 

Indonesian authorities seized it in February off the tourist island of Bali, following a request by the US Department of Justice, which is investigating alleged misappropriation of 1MDB funds.

Indonesia handed over Equanimity to Malaysia earlier in August.

Source: AGENCIES/aa(ra)


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