Jho Low says Malaysia's bid to sell Equanimity a 'sham'

PETALING JAYA: Fugitive businessman Low Taek Jho, also known as Jho Low, has described Malaysia’s legal proceedings to quickly sell the Equanimity superyacht as a vindictive "sham”.

A spokesman for Low through his attorneys said in a statement that issues related to the ownership of this asset could have been handled through proceedings in the United States that have been ongoing for more than a year.

“This is nothing more than a sham hearing as part of an unjust and arbitrary legal process subject to the whims of a vindictive regime regarding an asset whose ownership has yet to be determined,” the statement said on Friday (Aug 24).

The Kuala Lumpur Admiralty Court is scheduled to hear a suit on Friday by 1Malaysia Development Berhad (1MDB) which is seeking to expedite the sale of the vessel.

The statement claimed that the US government was willing to cover the cost of the Equanimity’s upkeep while proceedings were pending in the US.

“Instead, as a publicity stunt, Mahathir (Prime Minister Tun Dr Mahathir Mohamad) has unnecessarily put this financial burden on the Malaysian government and, given the illegal manner in which he took the asset, it is unlikely any bid will come close to its fair market value,” it said.

Earlier, the luxury yacht's owner, Equanimity (Cayman) Ltd said it had not received notice of the pending court hearing on the matter.