Half a billion ringgit – Jho Low's superyacht paid for in full by Genting

PUTRAJAYA (Bernama): Genting Malaysia Bhd has become the new owner of the superyacht once owned by Low Taek Jho, after sale proceeds in excess of half a billion ringgit were credited into the specially-opened 1Malaysia Development Bhd (1MDB) account, says Tan Sri Tommy Thomas.

The Attorney General said the full purchase price was paid within the specified period of time.

"The entire episode from the time the yacht sailed into Malaysian waters in August 2018 and arrested pursuant to an order of the Admiralty Court to its ultimate sale by private treaty, was implemented according to the highest standards of maritime law, on par with every reputable legal system," he said in his speech at the opening of Legal Year 2020, here on Friday (Jan 10).

Thomas said everything was done in an open, transparent and accountable manner.

"Everyone involved in the administration of justice should be proud of the law's contribution in acquiring a national asset for the public good," he said.

The yacht which was named the Equanimity, was believed to have been purchased by the fugitive businessman, also known as Jho Low, for US$250mil (RM1.02bil), allegedly using money linked to 1MDB.

In April 2019, it was reported that the Genting Malaysia Bhd or its special purpose vehicle (SPV) company was buying the vessel for US$126mil (RM514mil), which the company renamed as the Tranquility.

Thomas said the Sheriff's commission for the private treaty sale of the vessel, in excess of RM6.4mil, was paid in December 2019 was a record in Malaysia's legal history. – Bernama