Yacht from 1MDB scam returned
Malaysian Prime Minister Mahathir Mohamad said yesterday that Indonesia has handed over a yacht allegedly bought with money stolen from the multibillion-dollar looting of a state investment fund.
In a Facebook video, Mahathir thanked Indonesia’s government and President Joko Widodo for returning the US$250 million (NZ$370m) yacht, Equanimity, which was seized by Indonesia off Bali in February in co-operation with the US FBI.
‘‘We believe that this yacht belongs to the Malaysian government because it was bought with Malaysia’s money that was stolen,’’ Mahathir said, citing an investigation by the US Justice Department.
Finance Minister Lim Guan Eng said the yacht had set sail from the Indonesian island of Batam near Singapore and was expected to arrive in Malaysia’s Port Klang today.
‘‘At the end of the day, the yacht must be sold off’’ so that Malaysia can recover as much money as possible from it, Lim said.
The Justice Department, one of several foreign agencies investigating the alleged looting of the 1MDB fund by associates of former Malaysian Prime Minister Najib Razak, had listed the yacht among the assets it could seize and sell to recover stolen funds.
Najib set up 1MDB when he took power in 2009 but it accumulated billions in debts. The 1MDB scandal led to his shocking electoral defeat in May and Najib is now facing charges.
Malaysian and international authorities want to question Malaysian financier Jho Low, who the Justice Department alleges was a key figure in the theft and international laundering of US$4.5 billion from 1MDB. US investigators said Low bought the yacht with proceeds diverted from 1MDB. -AP