End of Auctions for Equanimity of $ 250 Million – Business News

KUALA LUMPUR: The Equanimity superyacht, which once belonged to the fugitive businessman Jho Low, may soon have a new owner at the close of the auction today.

According to a Malaysian Insight report, the Sheriff of the Malaysian High Court will open the sealed bids and announce the winner at an unknown date.

The vessel, which was seized by the Malaysian authorities on August 7, has been auctioned since October 29 in an attempt to recover some of the money lost in the scandal 1 Malaysia Development Bhd.

Low, the alleged brain of the scandal, reportedly bought the yacht for $ 250 million using diverted funds.

On November 21, Finance Minister Lim Guan Eng said the government had spent about RMB 3.5 million on maintenance of the luxury yacht since taking possession in August.

"This includes the cost of port services, maintenance costs, the costs of hiring and maintaining the ship's crew, as well as legal fees," he said.

Equanimity Cayman Ltd, its owner, had previously challenged the possession of this device, claiming in a statement that the seizure by the Malaysian government constituted "a direct violation of a decision of an Indonesian court and". a US court decision ".

However, on October 19, the High Court declared that the Malaysian government and 1MDB were the beneficiaries, when the company failed to stand in court to challenge the government's request.