EQUANIMITY TO BE SOLD FOR NO LESS THAN RM543 MILLION
KUALA LUMPUR: Luxury superyacht Equanimity, which belongs to the government, will be sold for a price of no less than US$130 million (RM543 million), which is half its original price.
It is reportedly worth US$250 million (RM1 billion).
Lawyer Sitpah Selvaratnam, who is leading the legal team for the government and 1Malaysia Development Bhd (1MDB) on the Equanimity case, said the price was set after the yacht was valued by United Kingdom-based independent appraiser Winterbothams.
“Now there is a guide price to potential buyers. The market value, as appraised by Winterbothams, is US$130 million,” she said after case management at the Admiralty Court before Judicial Commissioner Datuk Khadijah Idris.
She said the government had received a court order to permit the second phase of the judicial sale of the yacht.
“The first phase received bids, but the bids were not of an acceptable degree. So we have to move into the second phase.”
She said the second phase would be a normal sale through private negotiation, and the completion of the sale was set for March 31.
On Aug 24, the Admiralty Court granted an application by the government, 1MDB and two 1MDB — 1MDB Energy Holdings Ltd and 1MDB Global Investment Ltd — to sell the Equanimity.
In the application filed on Aug 23, the four plaintiffs named the owner of the ship, Equanimity of Cayman Islands, as the defendant in the suit filed via the law firm of Jeremy Joseph & Partners.
In the notice of application, the four plaintiffs asked for the sale of the ship, its bunkers, fuel, lubricants and other consumables on board to be conducted via public tender or private treaty by the Admiralty Court sheriff.
The plaintiffs wanted the sheriff to receive bids for the vessel and its bunkers, and for the purchase price to be paid to the sheriff in US dollars, euros or ringgit.
They said proceeds of the sale of the vessel should be paid to the court and placed in a bank account in Malaysia as approved by the accountant general. On Oct 19, the Admiralty Court declared that Equanimity b elonged to the Malaysian government and 1MDB as the beneficiary owner when its registered owner failed to appear in court to claim the vessel, and that the government could sell the yacht.
On Oct 26, the same court approved the terms and conditions for the bidding process for the vessel to commence from Oct 29 to Nov 28.
Equanimity was allegedly bought by businessman Low Taek Jho, better known as Jho Low, using money stolen from 1MDB.
It was seized in Bali, Indonesia, in February before it was handed over to Malaysia on Aug 7.