Admiralty Court allows Govt and 1MDB group to sell superyacht Equanimity

KUALA LUMPUR: The Admiralty Court here has granted an application by the Malaysian Government, 1Malaysia Development Berhad (1MDB) and two of its subsidiaries to sell the superyacht Equanimity.

Ong Chee Kwan, counsel for 1MDB and its two subsidiaries, 1MDB Energy Holdings Ltd and 1MDB Global Investment Ltd, told this to reporters after proceedings in chambers before Justice Khadijah Idris on Friday (Aug 24).

He explained that they were making the application to sell the vessel first before deciding on the next course of action.

Ong said the vessel was a diminishing asset as the cost of maintaining it was very high, and any proceeds from sale would be reduced the longer it was left unsold.

In the suit, the Government and the 1MDB group named the ship's owner, Equanimity of Cayman Islands, as the sole defendant filed via the law firm of Jeremy Joseph and partners on Thursday (Aug 23).

In the notice of application, the four plaintiffs are asking for the sale of the vessel, bunkers, fuel, lubricants and other consumables on board to be conducted through an open tender or private treaty by the sheriff of the Kuala Lumpur Admiralty Court.

The applicants want the sheriff to receive bids or offers for the vessel and the bunkers, and for the purchase price to be paid to the sheriff in US dollars, euros or ringgit.

The plaintiffs said proceeds from the sale of the Equanimity should be paid to the court and kept in a bank account in Malaysia approved by the Accountant-General.

On Aug 6, a writ of summons was issued to the owner of the vessel and Wilson Yacht Management Ltd, the company that operates the Equanimity.

The superyacht arrived in Malaysia on Aug 7 after being handed over by Indonesian authorities.

The Equanimity was seized off the coast of Bali by Indonesia in February at the request of US authorities as part of a multi-billion dollar corruption probe launched by the US Department of Justice (DoJ) over 1MDB.-Star