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

  • Nation
  • Friday, 10 Jan 2020

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

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Nation

Over RM5mil set aside for 12,450 graduates in Protege programme
Perak Perhilitan confirms tiger sightings in Chemor
Social Welfare Dept aid to continue providing monthly aid to comatose woman
Floods: Number of evacuees in Johor drops to 1,379 as of 8pm on Jan 31
RM50,000 donation received to build UTAR Hospital
Dress code for govt premises is clear, say cops after woman claims she was denied entry to police station
Father pleads guilty to causing death of three-month-old baby
Warden gets death sentence for distributing drugs in Sg Buloh prison
Stop speculating about our son's death, say parents of boy who fell from flat
Azizulhasni, Pandelela crowned sportsman and sportswoman for year 2021

Others Also Read