RM523mil sale of Equanimity to Genting completed, says AGC

  • Nation
  • Monday, 06 May 2019

PETALING JAYA: The judicial sale of the superyacht Equanimity to Genting Malaysia Bhd has been completed, says the Attorney General’s Chamber (AGC).

Attorney General Tommy Thomas said they had received the full receipt of the purchase price of US$126mil (RM523mil) by the Court-appointed stakeholder on April 23, and due execution of the Bill of Sale by the Sheriff of the Admiralty Court on April 24.

Physical possession of the vessel was delivered to a subsidiary of Genting Malaysia on April 25, 2019.

Thomas said the closing and conclusion of the judicial sale process were in full compliance with the Sheriff’s Conditions of Sale, which forms part of the Order of the Admiralty Court made on April 3.

He added that as of April, approximately RM15.5mil was spent in arresting the Equanimity on Aug 6, 2018 and maintaining the vessel for nine months until delivery to the purchaser.

About RM407,000 was spent on berthing charges from August to November 2018, when the Equanimity was docked at the Boustead Cruise Centre, Port Klang, before it was moved to the Naval Base in Langkawi for free.

Thomas added that nearly RM12.7mil was spent on operational costs in maintaining the Equanimity, while about RM400,000 was spent to engage a reputable valuer and appraiser to appraise the value of the vessel and almost RM2mil was spent on legal fees.

“The sum of RM15.5mil is not the final figure. However, we are confident that the remaining expenses would be much less.

“But in relative terms, this sum, which works out to about US$3.75mil, a petty sum for services rendered by all concerned for nine months.

“If the arrest had been undertaken anywhere else in the world, the cost would have been two to three times more. Further, no commission is payable to the broker because it is a directly negotiated sale,” said Thomas in a statement Monday (May 6).

Thomas said the sale demonstrated the capacity of the legal system to perform world-class services in a specialist branch, Admiralty law, and for ancillary supporting services to keep the superyacht in good and safe condition for nine months.

“It is also fitting that a Malaysian purchaser became the proud owner of the superyacht.

“Finally, the purchase price will be kept by the stakeholder until the expiry of a 90-day period, during which the legal team will move the court for leave to gazette the receipt of payment, for taxation of costs, and determination of priorities for payment out of the proceeds.

“It is only after these Orders of Court that the monies will be credited into a segregated 1MDB asset recovery account, that was set up solely to recover 1MDB assets to pay off 1Malaysia Development Bhd (1MDB debt),” said Thomas.

Once owned by fugitive businessman Low Taek Jho, better known as Jho Low, it was reported that Equanimity was bought for US$250mil (RM1.42bil) using funds linked to 1MDB.

Ship-tracking website Marine Traffic said the superyacht has been renamed the Tranquility.

The superyacht was one of many luxury items seized by the government as part of its probe into money laundering involving 1MDB.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Nation

More than 10,000 PPS to be gazetted nationwide to prepare for floods
GE15: Pakatan seat allocation almost settled, says Rafizi
Slithering surprise: Python found in washing machine at Johor launderette
Telecommunication tower to be built on Pulau Sipadan
GE15: Azmin ready to take on Anwar, family in Gombak
Fear, confusion and anxiety overwhelming Opposition as GE15 nears, says Zahid
Kelantan Umno to submit list of GE15 candidates on Oct 3
Sabah Pakatan slams Shafie over claims leaders did nothing on state rights
Child abuse: 37 out of 88 cases reported in Melaka involve sexual abuse, says exco
Friday sermons should not touch on politics, says deputy minister

Others Also Read