KUALA LUMPUR: The luxury yacht Equanimity - which has been linked to a multi-billion dollar scandal at Malaysia's state fund 1MDB - will be sold at a nine-digit price tag, the legal team appointed to oversee the transaction said on Wednesday (Dec 5).
The lawyers said that the Sheriff of the Admiralty Court will be seeking the necessary court orders to start the second phase of the judicial sale by private treaty. They expect the sale of fugitive Malaysian businessman Jho Low's US$250 million dollar yacht - which investigators allege was bought with fund embezzled from 1MDB - to be completed by end-March next year.
“The nine-digit (US$) asking price will be available on application, once court approval is obtained,” said a statement from the legal team representing the Malaysian government, 1MDB and two of its subsidiaries.
“The Sheriff of the Admiralty Court is of the view that proceeding with the second stage of the judicial sale process would be beneficial in securing the optimum value for the Equanimity,” it said of the luxury vessel.
On Aug 24, the Admiralty Court in Kuala Lumpur ordered the sale of the Equanimity.
As part of this judicial sale process, the Equanimity was made available on Oct 29, 2018 to receive offers by sealed bids through Burgess, the central brokers appointed by the court.
The statement said this part of the judicial sale process was held open for one month, and much interest to purchase the Equanimity was recorded.
The wide publicity and advertisement for the sale, through invitation for public tender by sealed bids, was an essential aspect of the judicial sale process to transfer clean title to the purchaser, said the statement.
The Sheriff of the Admiralty Court has now considered the various aspects of the offers received at the closing of submission of bids on Nov 28, 2018.