CASINO FIRM SNAPS UP 1MDB SU­PERY­ACHT ON THE CHEAP

Daily Mail - - City & Finance -

A SU­PERY­ACHT once owned by a play­boy busi­ness­man at the heart of a Malaysia cor­rup­tion scan­dal is be­ing sold by the author­i­ties for £96m.

The 300ft Equa­nim­ity, com­plete with swim­ming pool, spa, cin­ema and he­li­pad, was owned by glo­be­trot­ting fi­nancier Jho Low (pic­tured with singer Ali­cia Keys), but has now been snapped up by a casino firm.

Old Har­ro­vian Low, who is on the run, al­legedly bought it with money em­bez­zled from Malaysia’s 1MDB sov­er­eign wealth fund in a £2.1bn fraud.

The sale came as Malaysia’s for­mer prime min­is­ter Na­jib Razak went on trial for his al­leged role in the scan­dal. Razak, who is ac­cused of pock­et­ing £522m from the sov­er­eign wealth fund, de­nied seven charges.

The Equa­nim­ity was seized by po­lice last year and has been auc­tioned off

to re­cover some of the money claimed to have been stolen. Casino op­er­a­tor Gent­ing bought it at a con­sid­er­ably lower price than the £190m Low re­port­edly paid in 2013, but there was pres­sure on the author­i­ties to sell due to main­te­nance costs of more than £500,000 a month. Low, 37, is be­lieved to be in China. The 1MDB scan­dal roped in Gold­man Sachs, which worked for the fund, and led to the con­vic­tion of for­mer top banker Tim Leiss­ner.

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