Malaysia sells 1MDB-linked superyacht to casino operator for $126m
The Malaysian government has sold a superyacht allegedly bought with money stolen from state fund 1MDB to casino firm Genting Malaysia Berhad for $126m (£95.6m).
The 92m superyacht Equanimity is one of a number of assets allegedly bought by fugitive businessman Low Taek Jho with money embezzled from the fund, and the sale marks Malaysia’s largest recovery of cash to date.
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The state put the yacht up for sale in October with a $130m price tag – well below the $250m Low allegedly paid – but failed to find a buyer.
Attorney general Tommy Thomas said the government had only received a few offers over $100m, and had ultimately agreed the sale with Genting, which will make the payment by the end of the month.
Genting said the acquisition will provide it with a “unique and competitive edge” for its premium customers.
Equanimity, which boasts a 20m swimming pool, cinema and helipad, was seized by authorities last year and has been moored in a Malaysian naval base since it was put up for sale five months ago.
The sale comes amid a global investigation into 1MDB over the alleged embezzlement of roughly $4.5bn by Low and his associates. A private jet and Picasso paintings are among the other luxury goods allegedly bought with the stolen money.
Former prime minister Najib Razak, who set up the fund in 2009, has gone on trial today on charges of money laundering and corruption. Najib faces probes in at least six countries, but has denied any wrongdoing.
Deloitte has been fined £400,000 for failing to report irregularities relating to the fund. KPMG and Goldman Sachs also face investigations for their roles in the scandal.
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Malaysian police have issued a warrant for Low’s arrest, but his whereabouts are unknown.
In a statement issued through his lawyers, Low said: “As we have stated from the beginning, this is a failed PR stunt, which arrogantly ignored court rulings in Indonesia as well as established legal proceedings in the US.”