Asia Malaysia Bidding on ’s S$344 million yacht ends November 28

Bidding on Jho Low’s S$344 million yacht ends November 28

Author

Date

Category

- Advertisement -

Today, November 28, is the last day for bidding on the Equanimity, Malaysian financier turned fugitive Low Taek Jho’s US $250 million (S$ 345 million) yacht, which was seized by the Malaysian government in August.

The 91-meter yacht has been used by celebrities such as Australian supermodel Miranda Kerr and heiress Paris Hilton and features a swimming pool, and helipad, and a Turkish bath, among other luxuries.

It is also a part of 1MDB history, the scandal that rocked Malaysia and helped bring down its former Prime Minister Najib Razak, with allegations of billions of dollars taken from the public fund, purportedly primarily by Low, and has even implicated the Goldman Sachs group.

Interested parties had to put in a US $ 1 million reservation fee just for the right to bid. But selling the yacht would help current Prime Minister Dr. Tun Mahathir Mohammad in fulfilling a campaign promise to recover the missing funds from the , as he said his goal was to get back US $4.5 billion from the fund.

- Advertisement -

Both international and local investors have expressed interest in acquiring the Equanimity, according to Burgess, the yacht specialist who is the sole broker for the sale. Ong Chee Kwan from law firm Christopher & Lee Ong represents Malaysia and 1MDB in the sale of the yacht.

The United States has filed forfeiture lawsuits against $1.7 billion of Low’s assets, which include jewelry worth S$ 1.78 million that Low gave Kerr, as well as a painting he gifted to actor Leonardo DiCaprio worth S$ 4.4 million.

In October, the Malaysian Admiralty Court ruled in favor of 1MDB and the government of Malaysia as the yacht’s rightful owners when nobody came forward to contest their claim to the Equanimity. Equanimity Cayman Ltd, who holds the yacht’s titles, claimed not to have received legal notifications concerning the court hearing.

Sealed bids on the yacht must be submitted to the Sheriff of the High Court of Malaya, which will choose the highest bid provided that it is higher than the amount contained in a sealed note indicating the appraised and court approved valuation of the yacht. Other options may need to be considered should the bids be lower than the appraisal price.

As of October 10, Malaysian taxpayers have already shelled out S$ 1.15 million for the yacht’s maintenance.

Read related: Malaysian taxpayers still footing the bill for Jho Low’s yacht

Please follow and like us:
Tweet
Share
- Advertisement -

SDP labels MediShield Life “too complicated”, opposes any premium hike

Singapore -- The opposition Singapore Democratic Party (SDP) has criticised the MediShield Life scheme and has opposed an impending premium hike recommended by a council convened to review the mandatory national health insurance scheme. In a statement released on Wednesday (Oct 21),...

Ho Ching slips to 20th spot in Fortune’s “Most Powerful Women International” list

Fortune magazine has ranked Singapore sovereign wealth fund Temasek's CEO Ho Ching as the 20th most powerful woman outside the United States in its 2020 "Most Powerful Women International" rankings. The American multinational business publication noted that Ms Ho "has a bigger...

Covid-19 vaccination likely to begin in Singapore next year: A/Prof Kenneth Mak

Singapore -- The Ministry of Health's (MOH) Director of Medical Services, Associate Professor Kenneth Mak, has announced that Covid-19 vaccination will most likely be rolled out in Singapore from 2021. Speaking at a virtual press conference on Tuesday (Oct 20), A/Prof Mak...
Please follow and like us:
Tweet
Share
close

Like and follow us

Follow Me
Tweet