Uncle Lim Buys Jho Low’s Equanimity at RM514mil, Govt is Grateful for Genting

The luxury yacht which was allegedly purchased by the fugitive financier, Low Taek Jho, is now owned by Genting Malaysia Bhd.

According to The Star, Attorney General Tommy Thomas revealed that the Admiralty Court in Kuala Lumpur said yes to Genting’s offer to buy over the Equanimity on the Sheriff’s terms and conditions.

Source: The Nation

“The US$ 126 million (RM514. 07 million) purchase price will be by Genting and received by Court by late April 2019. 

“This will rank as the highest recovery to date for the government of Malaysia from its infamous 1MDB scandal, within a mere of eight months from the commencement of this action”, he said in a statement today (April 3).

Thomas said the yacht received a few good offers above US$ 100 million (RM408.05 million) but Genting’s price was the best offer it had received over the five months since the Equanimity was put on sale.

Source: Trip Advisor

He added that Genting price was negotiated straight to the government with no agency involved and resulted in an extra of RM 17.95 million.

“Although the Winterbothams’ market price evaluation of the Equanimity at US$130mil (RM530.46mil) was not reached, the net returns to the government is as good, if not more than envisaged.

“This judicial sale at US$126mil (RM514.14mil), is historic, by any measure.

“It records a high-water mark for our judicial system in ensuring that market value is secured for a vessel sold through the processes of Court, without any discount.

Source: Ask Legal

“It is even more commendable that this is achieved in a very sophisticated high-end superyacht sale where the pool of buyers is very small,” he said.

Thomas added that a further statement would be issued once the purchase price was received with a breakdown of the expenses incurred and the net amount to be credited into the newly opened 1MDB asset recovery account. Thomas said that the government appreciates the offer made by Genting.

The superyacht bidding was closed in November last year and it caught the interest from the rich and famous individuals in the yachting community.

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