Equanimity promise only half-fulfilled to maintain its worth

Finance Minister Lim Guan Eng said he could only fulfil half his promise on the luxury yacht Equanimity, in order to maintain its worth when the government sells it off.

"I have never owned a yacht before, so I didn't know that when you show it off, the price drops by more than half... because they (potential buyers) want exclusivity.

"So please understand. I fulfilled half the promise, I got the yacht back," Lim said in an interview with Malaysiakini at his office in Putrajaya last week.

It was reported before the 14th general election that Lim had promised to get the Equanimity back and let Penangites visit the RM1 billion yacht if Pakatan Harapan captured Putrajaya.

Several months after Harapan formed the federal government in May, the Equanimity was returned to Malaysia from Indonesia on Aug 7.

However, the yacht, which purportedly belongs to fugitive financier Jho Low, has been kept off-limits to the public.

As it is currently under the jurisdiction of the High Court in Kuala Lumpur, one would need to acquire a court order to be allowed onto the vessel.

Prime Minister Dr Mahathir Mohamad, who visited the Equanimity on Aug 11, also said the government has no plans to open it up for public viewing as it intends to sell the vessel off eventually.

The superyacht has to be kept in good condition for it to be sold, and inviting "hundreds of people" to view the yacht may damage it, Mahathir said.

"Also, it will give a very bad impression and buyers may not want to buy a ship that is exhibited like that, so we cannot allow the public to view the yacht," he had said after his visit.

The Equanimity was first seized by Indonesian authorities on Feb 28.

The yacht has since been the subject of a legal battle between the US Department of Justice (DOJ) and the yacht's registered owner Equanimity (Cayman) Ltd. The firm is allegedly owned by Low through intermediaries.

The DOJ's suit to seize the yacht is one of 30 civil forfeiture suits the agency has filed to seize properties allegedly bought through funds misappropriated from 1MDB, which had been channelled through the US financial system.

Following the legal tussle between the US and Equanimity (Cayman) Ltd, Indonesia had the yacht brought to the Batam Free Trade Zone where it was handed over to Malaysian authorities on Aug 6.

The Equanimity arrived in Port Klang on the following day, Aug 7. -Mkini