Equanimity bids were not acceptable; gov’t switching to private negotiations

Lawyers representing the government today revealed that the Admiralty High Court in Kuala Lumpur did not accept the bids received for the superyacht Equanimity.

Lawyer S Sitpah, who is appointed by the government, told reporters after meeting Judicial Commissioner Khadijah Idris, that they received an order from the court to proceed with the second phase.

"The bids were not to the acceptable degree and so we have to move to the second phase to conduct private negotiations (with the bidders) with the closing date set for March 31, 2019.

"Now we are able to give a guide price to the value which is US$130 million," she told reporters.

The first phase involves giving the potential owner a clean title to the vessel and securing bids for the vessel which ended last Nov 28.

It is believed that the Equanimity was originally purchased by fugitive businessperson Low Taek Jho, better known as Jho Low, using 1MDB funds. 

The valuation price of US$130 million was given by Winterbothams, an independent surveyor which provides professional surveying and consultancy to the yachting industry.

The vessel was custom-built by Netherlands-based company Oceanco in 2014 at a US$250 million (RM1 billion) price tag.

It was seized by the Indonesian authorities in February this year and was brought to Port Klang in August.

It was previously reported that a nine-digit figure was offered as a bid.

The Admiralty Court had ordered the sale of the vessel on Aug 24, this year. 

Subsequently, it ruled on Oct 19 that 1MDB Energy Holdings Ltd and 1MDB Global Investment Ltd are the Equanimity's rightful owners, after no one challenged the ownership of the luxury vessel. - Mkini