Malaysia said the admiralty law, the body of law that covers ships and the sea, allows the country to sell the superyacht Equanimity.
The country’s Attorney GeneralTommy Thomas said the sale was still possible despite the claims made by a company that the vessel does not belong to fugitive Jho Low.
The boat could be sold within months, said the Attorney General, who spoke at a conference on the seizure of the luxurious yacht.
Until now, a Cayman Island-based company, The Equanimity (Cayman) Ltd claimed the vessel belonged to its owners. But the company’s email to TISG did not disclose who the owners were.
The company issued a missive in the form of a legal letter claiming ownership of the 1mdb-linked vessel and lambasted the authorities in the two neighbouring nations for the seizure of the yacht.
On Aug 7 the 1MDB is said to have claimed ownership of Equanimity, which is docked at the Boustead Cruise Centre in Klang, Selangor.
Other claimants are two of 1MDB subsidiaries and the government of Malaysia. The US Department of Justice or DOJ seized the luxury vessel in Indonesia but surrendered the boat to Malaysia.
The DOJ said it is certain the boat was bought from syphoned 1MDB money.
The Malaysian Attorney also said the presumed owners could still could sue for the money paid by the buyer.
Thomas added that the government had started legal proceedings to sell the superyacht and that there was a period when the vessel could be sold in a transparent way.