Malaysia to sell yacht at center of 1MDB scandal for $126M
04 Apr 2019

AP — Malaysia’s government said Wednesday that a luxury yacht allegedly bought with money stolen from a troubled state investment fund will be sold to casino operator Genting Berhad for $126 million, half its original price.

Attorney General Tommy Thomas said the Admiralty Court on Wednesday approved the sale of the Equanimity, which has lavish amenities including a helicopter landing pad, plunge pool, gymnasium and a cinema. Genting will pay up by end of April, making it the “highest recovery to date” for the government from the scandal, he said in a statement.

U.S. investigators say the $250 million yacht was bought with funds diverted from the 1MDB fund by fugitive Malaysian financier Low Taek Jho, better known as Jho Low, believed to be a key figure in the theft and international laundering of $4.5 billion from 1MDB.

The yacht was seized by Indonesian authorities off Bali island last year in cooperation with the FBI and subsequently handed back to Malaysia. The U.S. Justice Department, one of several foreign agencies investigating the 1MDB scandal, had listed the yacht among the assets it could seize and sell to recover stolen funds.

Read more at the Associated Press

Photo: Kees Torn

Read more:

Ex-Malaysian Leader’s First 1MDB Trial Begins

Superyacht linked to 1MDB probe arrives at Malaysian port

Superyacht linked to Malaysia’s 1MDB scandal goes up for auction

Advance your CPD minutes for this content, by signing up and using the CPD Wallet

One Response to “Malaysia to sell yacht at center of 1MDB scandal for $126M”
James Michaels

James Michaels April 5, 2019

The yacht is one of many assets acquired through a multi-layered network of offshore companies registered by Offshore Incorporations Ltd (OIL) in Seychelles. There is a Reuters report online that the Seychelles Financial Intelligence Unit (FIU) actively assisted the international investigation but the offshore regulator Financial Services Authority (FSA) tried to block the release of the identities of the company owners and Directors. Over 50 Seychelles companies were set up as part of this fraud and the OIL office in Seychelles also set up companies in BVI for it. The current Government of Seychelles led by President Dany Faure blocked further cooperation with the international investigation in conjunction with the National Assembly (Seychelles Parliament) led by Ahmed Afif. They changed the offshore laws to make Seychelles offshore companies completely opaque to international investigations. The laws were introduced in Parliament by Afif and signed off by Faure. Seychelles has become the most opaque offshore centre in the world and its Seychelles office was the preferred office of Mossack Fonseca of Panama papers fame who registered thousands of anonymous companies there.

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.