Equanimity’s value drops by almost half to US$130 million
(NST) – The value of luxury yacht Equanimity has dropped to less than US$130 million, almost half its original valuation of US$250 million.
That is according to United Kingdom-based independent appraiser Winterbothams, who was appointed to value the vessel, a lawyer representing the government and 1Malaysia Development Berhad (1MDB), Sitpah Selvaratnam, said.
“Now, there is a guide price to potential buyers,” she said when met after the case management at the High Court, here, before Judicial Commissioner Datuk Khajidah Idris on Thursday (Dec 13).
She said the government had also received a court order to permit the second phase of the judicial sale, which would be normal sale through private negotiation.
“The first phase received bids but the bids were not of acceptable degree therefore we have to move into the second phase,” she said, adding that the second phase is expected to be completed by March 31, next year.
On Oct 19, the High Court declared that the Equanimity belonged to two 1MDB subsidiaries – and indirectly the Malaysian government – after its registered owner failed to show up in court to claim the vessel.
On Oct 5, the court granted an application by the government to appoint a central foreign broker to handle the sale of the vessel and an international appraiser will proceed with the documentation process such as advertisement and information memorandum.
It was reported on Aug 23 that 1MDB, its two subsidiaries, 1MDB Energy Holdings Limited and 1MDB Global Investment Limited, and the government filed a court order seeking to expedite the sale of the vessel.
The plaintiffs named the owner of the ship, Equanimity of Cayman Islands, as the defendant in the suit filed via the law firm Jeremy Joseph & Partners.
In the notice of application, the four plaintiffs are asking for the sale of the ship, bunkers, fuel, lubricants and other consumables on board to be conducted via public tender or private treaty by the Admiralty Court sheriff.
The firms want the sheriff to receive bids or offers for the vessel and the bunkers, and for the purchase price to be paid to the sheriff in US dollars, Euros, or Ringgit Malaysia.
The firms said the proceeds from the sale of the vessel should be paid to the court and placed in a bank account in Malaysia as approved by the Accountant-General.
A writ of summons was issued on Aug 6 to the “owner of the vessel“, as well as to Wilson Yacht Management Ltd, the company that operates Equanimity.
The superyacht was brought to Malaysia on Aug 7 after the Indonesian authorities handed it over to Malaysia.
It was seized off Bali in February at the request of the US authorities as part of the corruption investigation launched by the US Department of Justice (DoJ) into 1MDB.
