KUALA LUMPUR: The decision on an application for a judgment in default by 1Malaysia Development Berhad (1MDB) on the sale of superyacht Equanimity, linked to businessman Low Taek Jho, will be known tomorrow (Oct 19).
Counsel Sitpah Selvaratnam, who represented 1MDB, said the proceeding would continue on Friday before Judicial Commissioner Khadijah Idris.
“We are expecting a decision,” she told the media after a hearing on the application at the Admiralty Court here Thursday (Oct 18).
A judgement in default is a binding judgement in favour of either party based on the failure of one party to take action, such as failing to respond to summons or failing to appear before the court of law.
Sitpah said that there was no challenge from other parties claiming ownership of the US$250mil (RM1bil) vessel.
On Oct 5, the Admiralty Court approved the appointment of a central broker and an appraiser for the Equanimity, paving the way for the sale of the superyacht.
Then on Aug 23, the same court granted an application by the government, 1MDB and two of its subsidiaries to sell the vessel.
The superyacht had arrived in Malaysia on Aug 7 after being handed over by Indonesian authorities.
The Equanimity was seized off the coast of Bali by Indonesia in February at the request of the US authorities as part of a multi-billion dollar corruption probe launched by the US Department of Justice (DoJ) over 1MDB.
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