Govt to dispose of Equanimity via direct sale after unsuccessful auction

KUALA LUMPUR (March 28): The Government is turning to private treaty or direct sale to dispose of the Equanimity after an auction failed to obtain an agreeable price for the mega-yacht, said Finance Minister Lim Guan Eng.

“The process of selling the yacht has entered the second phase, because the bidding prices received in phase one was not agreeable,” Lim said.

“The second phase is conducted through private treaty or direct sale, and is expected to end on March 31, 2019,” he said in a written reply yesterday to a parliamentary question by Tan Sri Noh Omar [BN-Tanjung Karang].

Lim said the Government has a spent a total of RM14.22 million on the mega-yacht since securing it in August 2018.

This comprises costs for maintenance, repairs, fuel, legal fees, insurance, and costs related with the process of selling the yacht among others.

The cost was split at RM11 million between August and December 2018, while another RM3.22 million was spent so far this year.

Lim said the company appointed to maintain the vessel, Wilson Yacht Management Ltd, was chosen based on its experience and expertise in maintaining luxury ships.

Currently, Equanimity is docked in Langkawi under the watch of the High Court.

On Jan 22, Bloomberg reported that the 300-foot vessel, which is linked to the multi-billion ringgit scandal at !Malaysia Development Bhd (1MDB), had a guide price of US$130 million on the website of Burgess, which is handling its sale.

According to US court documents,  its previous owner, controversial businessman Low Taek Jho (Jho Low), bought the vessel for US$250 million using money allegedly siphoned from 1MDB.

— theedgemarkets.com

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