Judicial sale of Equanimity completed: AG

07 May 2019 / 00:11 H.

KUALA LUMPUR: The judicial sale of luxury yacht Equanimity has been completed with the receipt of the full purchase amount of US$126 million (RM523 million) from Genting Malaysia Bhd (Genting) on April 23.

Attorney-General Tommy Thomas said the yacht was handed over to Genting’s subsidiary on April 25 after the money was received.

“The completion of the sale was handled by the court-appointed stakeholder, and the sales bill was duly signed by the Admiralty Court Sheriff on April 24, 2019.

“The completion and settlement of the judicial sales process fully complied with the sheriff’s condition of the sale, which is part of the Admiralty Court Order issued on April 3, 2019,“ he said in a statement here today.

Genting, in its filing to Bursa Malaysia on April 3 confirmed the purchase of Equanimity along with bunkers, fuel, lubricants and existing items on board the ship.

Thomas said as of April 30, about RM15.5 million had been spent on the ship’s handling and maintenance since it was seized on Aug 6 last year.

He said the sale of the vessel proved the ability of the Malaysian legal system to provide world-class legal services, especially in the field of Admiralty law, and in the provision of support services.

According to him, the purchase price will be kept by the stakeholder until the expiry of a 90-day period, during which the legal team will move the court for leave to gazette the receipt of payment, for taxation of costs, and determination of priorities for payment out of the proceeds.

“It is only after these Orders of Court that the monies will be credited into a segregated 1MDB asset recovery account, that was set up solely to recover 1MDB assets in order to pay off 1MDB debts,” he added. — Bernama

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