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Tuesday, October 9th, 2018

High Court of Malaya Appoints Burgess For Sale of Equanimity

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High Court of Malaya Appoints Burgess For Sale of Equanimity

London based Burgess has been appointed as the exclusive Central Agent by the High Court of Malaya to handle the judicial sale of the 91.5m yacht Equanimity, owned by fugitive businessman Low Taek Jho.

This follows the approval by the High Court, sitting as an admiralty court, on Friday (Oct 5) to appoint a central broker and an appraiser for the Equanimity, after hearing submissions by lawyers representing 1Malaysia Development Bhd (1MDB) and the government on the same day.

Lawyer Sitpah Selvaratnam, who is representing 1MDB, was reported as saying that it is hoped that Equanimity would have a new owner and be out of Malaysia by early December.

In a report published by The Edge Markets it is claimed that the super yacht is among more than US$1.7 billion in assets that the US claims were acquired by Low, commonly known as Jho Low, and his accomplices with money they siphoned from 1MDB.

Low, while he never held any official role at 1MDB, was said to exert great influence over the fund. His current whereabouts are unknown but the Malaysian authorities have issued an arrest warrant for him. Low, whose Malaysian passport has been revoked, has previously denied any wrongdoing.

A representative for Low has said the handing over of Equanimity to Malaysia was illegal and in violation of Indonesian and US court orders.

Equanimity, flying the flag if the Cayman Islands is currently docked at the Boustead Cruise Centre in Port Klang, having arrived on Aug 7 after being handed over by Indonesian authorities.

She was was seized off the coast of Bali by Indonesia in February at the request of the US authorities as part of a multi-billion dollar corruption probe launched by the US Department of Justice over 1MDB

Delivered by Oceanco in 2014 at just under the magical 3000 gt mark, she was built to comply with the Passenger Yacht Code (PYC) and can accommodate up to 20/22 guests in 10/11 suites (1 master, 1 VVIP, 2 VIP, 3 double, 2 twins and 2 convertible) in addition to 28 crew.

Her interior was designed by Andrew Winch Design using a variety of exotic materials. Her amenities include an impressive beach club and health centre with gym, Pilates studio, sauna, hammam, plunge pool and beauty salon. Other amenities and equipment include a hospital, a fully certified helipad, two 10.5m Hodgdon tenders and a 20 sqm swimming pool with jets.

Equanimity is powered by two MTU 20V 4000 M73L engines providing a maximum speed of up to 18.5 knots. At cruising speed of 14 knots, her range is 5,000 nm.

The judicial sales process will follow strict guidelines, but essentially shall be by the submission of sealed bids by qualified potential buyers, to be opened by the Sheriff of the High Court of Malaya in November/December 2018.

In accordance with Admiralty law, the judicial sale will provide the buyer with an internationally recognised ownership title free of mortgage, attachment and all encumbrances.

Specifications
  • Asking Price: On Application
  • LOA: 91.5m (
  • Build: Oceanco, The Netherlands
  • Year: 2014
  • Beam: 14.6m
  • Draught: 4m
  • Gt: 2,998
  • Location: Port Klang,Malaysia

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