Bidding for ‘Equanimity’ opens on Monday

The bidding process for the billion-ringgit superyacht Equanimity, which is allegedly linked to businessman Low Taek Jho or Jho Low, will begin on Monday and run until Nov 28.

Counsel Ong Chee Kwan, who represented 1Malaysia Development Bhd (1MDB) and its two subsidiaries, confirmed the matter after the hearing in chambers before High Court (Admiralty Court) Judicial Commissioner Khadijah Idris.

Ong said the purpose of their application was to get the court to approve the terms and conditions for sale.

“The advertisement for the bidding process will be released to the public by today or tomorrow in local and international newspapers, with contact details.

“Interested bidders can contact the central agent. The information memorandum will contain some information on bidder process and legal status,” he said yesterday.

He said potential bidders, successful persons or companies would get the clean title.

When asked whether it was an online bidding, Ong said only those qualified could put in a bid.

“Those who qualify have to put up a deposit of US$1mil (RM4mil) before they are eligible to bid as we want to ensure only serious buyers come forward,” he said.

On Oct 19, the High Court declared that the government and 1MDB were the beneficiary owner and that the government was free to sell Equanimity.

The judgment came after its registered owner failed to appear in court to claim the vessel.