Equanimity sale proceeds can now be placed in MoF asset recovery account

KUALA LUMPUR (Nov 22): About US$124.5 million in proceeds from the sale of superyacht Equanimity — which was allegedly purchased with money stolen from scandal-ridden 1Malaysia Development Bhd (1MDB) —  will now be placed in the Ministry of Finance's asset recovery account.

This follows the High Court's Judicial Commissioner Khadijah Idris today giving an order for priorities and payment of the proceeds towards the specially set up fund, which will house funds channelled illegally out of 1MDB.

"The money would be placed there after deducting the Sheriff's (court) commission or expenses and legal costs," said lawyer Jeremy Joseph, who is representing 1MDB's subsidiaries 1MDB Global Investment Ltd and 1MDB Energy Holdings Bhd.

"Around US$124.5 million will go to the asset recovery account," he told theedgemarkets.com when contacted about the decision.

It was previously reported on Monday (Nov 18) that no other claims or challenges were made on the sale of the vessel that was bought by fugitive businessman Low Taek Jho, or also known as Jho Low, using 1MDB funds.

Jho Low paid US$250 million (RM1 billion) for the luxury yacht using 1MDB funds in 2013.

Presently, the funds are kept by the court sheriff following the sale of the vessel to Genting Malaysia Bhd last April.

The proceeds of the sale to Genting Malaysia had to be kept for a 90-day period for any parties who intend to file applications to claim from the fund.

Jeremy had told theedgemarkets.com on Monday that expenses to be deducted include the sheriff's commission (US$1.57 million), cost and expenses, and cost of producer funds.

The sheriff's cost and expenses are divided into sums of four currencies, namely US$4.84 million, £69,813.41, €16,806.26, and RM3.65 million.

In April, Genting Malaysia agreed to purchase the luxurious vessel for US$126 million, and renamed it Tranquility.

It was reported by some media that the gaming company intends to sell the ship for US$200 million.