Lawyer: Equanimity expected to be sold by March next year

The Equanimity is now docked at the Royal Malaysian Navy’s Region 3 headquarters in Langkawi.

KUALA LUMPUR: Superyacht Equanimity, once owned by fugitive businessman Low Taek Jho or Jho Low, will be officially sold to her new owner by the end of March 2019, according to the lawyer handling the deal.

Sitpah Selvaratnam, who represents the Attorney-General’s Chambers, said the Admiralty Court’s sheriff will be seeking the necessary court orders to start the second phase of the judicial sale by a private treaty.

“The sheriff is of the view that the second phase would be beneficial in securing the optimum value for her,” she said.

Equanimity, reported to have cost Jho Low RM1 billion, will be sold for a “nine-digit” price to commensurate with the yacht’s specifications, she added.

The bidding process for the yacht was closed on Nov 28, after the court gave the green light to 1MDB and the government to sell it.

The bidding was held for one month from Oct 29, and Sitpah said there were offers from interested buyers from Asia, Europe, the Middle East and the United States.

The 91.5m-long Equanimity is now docked at the Royal Malaysian Navy’s Region 3 headquarters in Langkawi.

The yacht was seized off the coast of Bali by Indonesian authorities in February at the request of US authorities as part of a probe into the theft of billions of dollars from 1MDB.

The Indonesian government handed over the vessel to Malaysia in August.

1MDB and the government previously obtained a court ruling that they were the yacht’s rightful owners.

The registered owners for Equanimity did not turn up to contest the lawsuit.

The government said that it had spent RM3.5 million to maintain Equanimity since the yacht arrived at Port Klang from Indonesia in August.