Equanimity slated to go on sale by year-end

The luxury yacht Equanimity is expected to go on sale by the end of the year after the High Court (Admiralty) in Kuala Lumpur today approved the appointment of a central broker and an international appraiser for the vessel.

The order was given by Judicial Commissioner Khadijah Idris after submissions from lawyers representing 1MDB and the government.

Government-appointed lawyer Sitpah Selvaratnam, who appeared with senior federal counsel Alice Loke, said the government has agreed to appoint a central broker and appraiser.

With these appointments, she said, the process of selling the vessel can begin.

Sitpah said today that they had a thorough hearing and hoped that the sale can be done in an effective and efficient manner after this.

"With the order, the appraiser, who is based in the United Kingdom, can start evaluating the worth of the boat, which will be confidential, while an internationally reputable broker can be appointed to start receiving bids.

"The buyers will bid and we will choose the best buyer and come back to court. It is a niche market, so the bids can come and the sale be done within a month. Hopefully, we can sell the vessel by mid-November or early December," Sitpah told reporters.

She added that the international broker appointed today would start doing the necessary paperwork to put up advertisements, and drafting memorandums to potential buyers so that they know the specifications of the vessel.

Sitpah (photo) also said there was no challenge filed by fugitive businessperson Jho Low, who is said to own the vessel.

1MDB lawyers Jeremy Joseph and Ong Chee Kuan said there has not been any challenge from any of the companies over the ownership of the vessel.

According to the US Department of Justice (DOJ), Low had allegedly acquired the vessel for US$250 million, using funds misappropriated from 1MDB.

The vessel, measuring 91.5 metres in length, with a crew of 17, was first seized by the Indonesian authorities on Feb 28, and has since been the subject of a legal battle between the US Department of Justice and a group of companies said to be owned by Low.

It was reported that 1MDB had claimed ownership of the RM1 billion vessel last August.

It is believed that Indonesia agreed to hand over the vessel to Malaysia after a meeting between Prime Minister Dr Mahathir Mohamad and Indonesian President Joko Widodo.

The vessel is docked at the Boustead Cruise Centre in Port Klang and the maintenance cost for the luxury yacht is said to be RM2 million a month. - Mkini