RM15.5mil on maintenance, says AG

Thomas: Equanimity’s upkeep for nine months could have been far more

PETALING JAYA: About RM15.5mil was spent on maintaining superyacht Equanimity from August last year until its delivery to Genting Malaysia Bhd last month, says Attorney General Tommy Thomas.

Thomas said about RM407,000 was spent on berthing charges, between August and November 2018, when the Equanimity was docked at the Boustead Cruise Centre, Port Klang, before it was moved to the Naval Base in Langkawi for free.

He added that nearly RM12.7mil was spent for operational costs in maintaining the Equanimity while about RM400,000 was spent to engage a reputable valuer and appraiser to appraise the value of the vessel and almost RM2mil spent on legal fees.

“The sum of RM15.5mil is not the final figure. However, we are confident that the remaining expenses would be much less. But in relative terms, this sum, which works out to about US$3.75mil, is a petty sum for services rendered by all concerned for nine months.

“If the arrest had been undertaken anywhere else in the world, the cost would have been two to three times more.

“Further, no commission is also payable to the broker because it is a directly negotiated sale,” said Thomas yesterday to announce the completion of the judicial sale.

Thomas said they had received the full receipt of the purchase price of US$126mil (RM523mil) by the Court appointed stakeholder on April 23, and due execution of the Bill of Sale by the Sheriff of the Admiralty Court on April 24.

Physical possession of the vessel was delivered to a subsidiary of Genting Malaysia on April 25.

Thomas said the sale demonstrated the capacity of the legal system to perform world-class services in a specialist branch, Admiralty law, and for ancillary supporting services to keep the superyacht in a good and safe condition for nine months.

“It is also fitting that a Malaysian purchaser became the proud owner of the superyacht.

“Finally, the purchase price will be kept by the stakeholder until the expiry of a 90-day period, during which the legal team will move the court for leave to gazette the receipt of payment, for taxation of costs, and determination of priorities for payment out of the proceeds.

“It is only after these Orders of Court that the monies will be credited into a segregated 1MDB asset recovery account, that was set up solely to recover 1MDB assets to pay off 1MDB debt,” said Tommy.

Once owned by fugitive financier Low Taek Jho, or better known as Jho Low, it was reported that Equanimity was bought for US$250mil (RM1.42bil) using funds linked to 1Malaysia Development Bhd (1MDB).

Ship-tracking website Marine Traffic said the superyacht has been renamed the Equanimity.

The superyacht was one of many luxury items seized by the government as part of its probe into money laundering involving 1MDB.