Yacht linked to 1MDB scandal up for auction

Kuala Lumpur, Oct. 29: A $ 250 million luxury yacht linked to a multi- billion dollar scandal at Malaysia’s state fund 1MDB has gone up for auction, a government lawyer said on Monday, the first sale of a major asset seized by investigating authorities.

The Equanimity is among $ 1.7 billion in assets allegedly bought by fugitive Malaysian financier Low Taek Jho, also known as Jho Low, and his associates with funds taken from 1MDB, the US department of justice has said.

Malaysia and the US are investigating how billions of dollars went missing from 1Malaysia Development Berhad ( 1MDB), with some of the money used to buy a private jet, Picasso paintings, jewellery, real estate and a superyacht.

A Malaysian court in August approved the sale of the 91m Cayman Islandsflagged Equanimity, which was impounded months earlier near the Indonesian island of Bali and handed over to Malaysia.

The Equanimity, which according to US court documents was bought by Low for $ 250 million, has been appraised for the auction. But its estimated value will only be disclosed after the bidding process ends on November 28, said Jeremy Joseph, a lawyer for 1MDB and the government.

“If the highest bid matches or exceeds the appraised value, then it can be accepted by the court,” Mr Joseph said.