Sunday 01 Oct 2023
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KUALA LUMPUR (Nov 28): Bidding for the US$250 million superyacht Equanimity, once owned by fugitive financier Jho Low, has closed today.

Financial Times reported that sealed bids will be opened at Malaysia’s High Court on Thursday but will remain confidential, according to Jeremy Joseph, a lawyer for 1MDB and the Government.

The successful bidder could take possession of the yacht in the next two to three weeks.

However, if there is no bid that matches the appraised value which was set by an independent valuer appointed by the courts, Malaysia could initiate a second bidding round or engage directly with a potential buyer who had placed a “sufficiently high” bid, FT reported.

Bidders were required to pay a US$1 million deposit to qualify for the auction, Joseph added.

The 300ft Equanimity was moored in the Langkawi naval base.

The Equanimity is among the myriad assets, including Picasso paintings and bespoke jewellery, that were allegedly purchased using proceeds siphoned from 1MDB. It is alleged that US$4.5 billion has gone missing from the fund, FT reported.

The US Department of Justice said Jho Low had used proceeds diverted from a 1MDB bond issue arranged by Goldman Sachs and a loan issued by Deutsche Bank to acquire Equanimity.

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