1MDB-linked superyacht to go on sale for minimum price of $178m
KUALA LUMPUR The 1MDB-linked luxury yacht Equanimity will be sold for no less than US$130 million (S$178 million). The figure is not much more than half its original value of US$250 million.
Lawyer S. Sitpah, who is representing the government, said the price was set after the yacht, formerly owned by fugitive businessman Low Taek Jho, was valued by United Kingdom-based independent appraisers Winterbothams.
"Now there is a guide price for potential buyers," Ms Sitpah added.
Ms Sitpah also said the government had received a court order to permit the second phase of the judicial sale.
"The first phase received bids, but the bids were not of acceptable degree. Therefore, we have to move on to the second phase," she said.
The second phase, Ms Sitpah said, would be a normal sale through private negotiations.
The completion date of the sale is March 31, 2019.
She said this after case management at the Admiralty Court before Judicial Commissioner Khadijah Idris yesterday.
On Oct 19, the High Court declared that the Equanimity belonged to two 1MDB subsidiaries - and indirectly the Malaysian government - after its registered owner failed to show up in court to claim the vessel.
Besides 1MDB and the government, the other two plaintiffs are 1MDB Energy Holdings Limited and 1MDB Global Investment Limited, both 1MDB subsidiaries.- THE STAR
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