Jho Low's Yacht Goes on Sale for $130 Million After Auction Flop
(Bloomberg) -- The luxury yacht once owned by fugitive financier Low Taek Jho is being put on sale for a minimum price of $130 million, a discount to the $250 million that Low allegedly paid for it in 2014.
Malaysia set the floor price as a guide for would-be buyers, after no “acceptable” bids were received at an earlier auction that closed on Nov. 28, The Star newspaper reported, citing S. Sitpah, the lawyer representing the government in the sale. The price was set following an appraisal by U.K.-based surveyor Winterbothams Ltd.
The yacht named “Equanimity,” furnished with a Turkish bath and a helicopter landing pad, is part of a $1.7 billion collection of assets that the U.S. has sought to seize. Prosecutors alleged that they were bought using money embezzled from Malaysian state fund 1MDB, which lies at the center of a globe-spanning scandal that has ensnared Goldman Sachs Group Inc. and former Prime Minister Najib Razak. Low and Najib have maintained their innocence.
Malaysia is looking for a quick sale of the vessel, which costs about 3 million ringgit ($718,000) a month to maintain. The government is holding private negotiations after getting the court’s approval to do so, and expects to find a buyer by the end of March next year, The Star newspaper said.
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