1MDB is seeking a court order for the urgent sale of superyacht Equanimity.
Law firm Joseph & Partners had filed for a hearing on the matter, which is set to take place at the Kuala Lumpur Admiralty Court tomorrow evening.
According to court filings sighted by Malaysiakini, 1MDB is asking for the sale to be conducted via public tender or private treaty by the Admiralty Court sheriff (acting registrar).
The hearing is not to decide on ownership of the Equanimity, and the filing calls for all questions on a claim to the sale proceeds to be reserved.
The proceeds from the sale are to be paid into court and placed in a bank account in Malaysia.
The filing also states that the Equanimity was "physically deteriorating" due to exposure to the sea and weather, and that an urgent sale was needed to avoid a decline in value.
On Aug 6, a writ of summons was issued to the "owner of the vessel", as well as to Wilson Yacht Management Ltd, the company that operates the Equanimity.
The luxury vessel, which the US Department of Justice (DOJ) claimed was purchased by fugitive Malaysian businessperson Low Taek Jho using 1MDB-linked funds, is presently docked in Port Klang after Indonesian authorities handed it over to Malaysia earlier this month.
Low, in turn, has described the yacht seizure as "illegitimate" and accused Prime Minister Dr Mahathir Mohamad of "hijacking" legal proceedings by other jurisdictions.
The DOJ has accused Low of being at the heart of a massive scam to defraud 1MDB, which borrowed RM42 billion for investments but had little to show in return.
-Mkini
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