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Jho Low’s Superyacht EQUANIMITY Sold For $126 million
April 4, 2019 6:12 pm
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Superyacht Linked To Malaysian 1MDB Scandal Finally Sold
Fugitive Malaysian financier Jho Low’s superyacht, “Equanimity”, which is linked to a multibillion-dollar scandal at Malaysia’s state fund 1Malaysia Development Berhad (1MDB), has been reported sold.
Casino operator Genting Malaysia Berhad bought the yacht on Wednesday for US$126 million, Tommy Thomas, Malaysia’s Attorney General, said on Wednesday.
The 91-metre (300-foot) yacht can accommodate up to 22 guests and 31 crew, and has an interior clad in marble and gold leaf. It boasts a cinema, gym, spa, swimming pool, lift, and helipad.
“Equanimity” was among assets allegedly bought by Low and his associates with money taken from the fund, US and Malaysian officials have said.
Low, who has repeatedly maintained his innocence, faces charges including money laundering in Malaysia. He has been charged in absentia amid suspicions that he is hiding out in China.
Check out a timeline of how the now-notorious superyacht went from its days as Low’s “party” boat to being sold at auction.
August 2017
“Equanimity” first comes under the spotlight after investigations begin into Low’s alleged involvement in the 1MDB corruption scandal.
The US Department of Justice claims that the businessman owns more than US$1.7 billion in assets, allegedly bought with stolen 1MDB funds, including the superyacht, Reuters reports.
“Equanimity”, has been used by Low for hosting parties, attended by celebrities such as Australian model Miranda Kerr.
March 2018
The superyacht, along with its crew, is located and seized in Bali, Indonesia, and inspected by Indonesian and American authorities working together on the investigation, Reuters reports.
Low responds by criticising the US for taking the vessel based on “unsupported claims” about his alleged wrongdoing, Malaysian newspaper, The Star, reports.
Subsequently, an Indonesian court rules that the seizure is illegal, and the megayacht is relesed, but is not allowed to leave Bali’s Tanjung Benoa port.
Malaysia Prime Minister Mahathir Mohamad visits Indonesia and makes a personal request for the yacht to be handed over to Malaysia, Reuters reports.
July 2018
Indonesian police impound the yacht again. Indonesia hands the yacht over to Malaysia, and the vessel is later spotted in Port Klang, Selangor. On its arrival, the public and the media flock to see the ship.
Thomas says that the vessel has been brought to Malaysia after legal treaties between the U.S., Indonesia, and Malaysia were activated.
Malaysia announces plans to take an inventory of the ship’s items, allow the public to view the vessel, then sell it at the highest price.
Low criticises the Malaysian government, calling the move “a publicity stunt” that will result in bids for the vessel falling below its fair market value, Reuters reports.
October 2018
“Equanimit”y is put up for auction, with the ship’s estimated value to be disclosed only after bids closes on November 28.
If the highest bid matches or exceeds the estimated value, the court will accept the sale.
The Star reports that bids for the superyacht were “not of acceptable degree”, with the minimum price set at US$130 million.
April 2019
Malaysia’s government receives several offers for the yacht of over US$100 million and sells it to the highest bidder, Genting Malaysia.
Article sourced from SCMP.com
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