The sale of the Equanimity: was it willing-buyer-willing-seller?

So, is Genting’s purchase of the Equanimity another ‘national service’ exercise? And which Tan Sri this time has been ordered to buy the Equanimity at US$126 million? Would Tan Sri Lim Kok Thay like to enlighten us? And what will Tan Sri Lim or Genting receive in return for this ‘national service’?

NO HOLDS BARRED

Raja Petra Kamarudin

The announcement (SEE THE TWO NEWS ITEMS BELOW) regarding the sale of the Equanimity raises a few questions. First of all, was the sale of the Equanimity on the basis of willing-buyer-willing-seller or was the buyer forced to buy it as a gesture of ‘national service’.

This same thing has occurred many times in the past. In the early 1980s, Prime Minister Tun Dr Mahathir Mohamad forced Tan Sri Ibrahim Mohamed through his company, Promet Berhad, to take over the development of Langkawi from the government as a gesture of ‘national service’.

And Promet did (of course, in exchange for many ‘favours’ from the government — so it was not really national service per se).

This was what Mahathir wanted Promet to turn Langkawi into

But Promet failed to deliver what Mahathir had expected (which was a Malaysian version of Monte Carlo) and the multi-billion development could not take off. So, Mahathir then asked Tan Sri Francis Yeoh and YTL Corporation Berhad to take over the development (which they did, again, as a gesture of ‘national service’ and in exchange for many favours from the government).

When Malaysia’s national airlines failed, Mahathir asked Tan Sri Tajudin Ramli to do ‘national service’ by buying over the MAS shares for RM8.00 per share (which also helped cover the RM31.5 billion forex losses Bank Negara suffered). Tajudin later told the court he was forced to buy over the MAS shares as ‘national service’.

Yes, three Tan Sris — Ibrahim Mohamed, Francis Yeoh, and Tajudin Ramli — all asked to do ‘national service’ by buying over failed projects to save them from collapse.

Was Tan Sri Lim Kok Thay asked to do ‘national service’ by buying over the Equanimity?

So, is Genting’s purchase of the Equanimity another ‘national service’ exercise? And which Tan Sri this time has been ordered to buy the Equanimity at US$126 million? Would Tan Sri Lim Kok Thay like to enlighten us? And what will Tan Sri Lim or Genting receive in return for this ‘national service’?

Another even more interesting question would be: is Genting merely the front or proxy for the real buyer? Is the buyer actually someone else but Genting is acting as the buyer to front for the person who is actually buying the Equanimity?

I suspect in time we are going to see photographs of the real buyer going viral on the internet when atok, nenek, anak-anak dan cucu-cucu go sailing over the ocean. I wonder who that will be…hmmm….

***********************************************

Jho Low takes dig at Putrajaya over ‘fire sale’ of Equanimity

(FMT) – Fugitive financier Low Taek Jho, or Jho Low, today censured the government for selling the superyacht Equanimity at a “fire sale price” to Genting Malaysia Bhd.

In a statement issued on his behalf by his lawyers through the firm Wells Haslem Mayhew Strategic Public Affairs, Low also touched on politics, saying the recent defeat of Pakatan Harapan in two by-elections were due to its incompetence.

Low said: “The bargain-basement sale price accepted by the Mahathir (Mohamad) government for the yacht Equanimity is the final chapter in yet another tale of the regime’s incompetence and disregard for the rule of law.”

He claimed if the government had not “illegally seized” the Equanimity from Indonesia and docked it in “a hazardous environment” at Port Klang, the vessel would have maintained its value and it could have “avoided a fire sale”.

He said proceeds from the sale had been further eroded by expenditure on the vessel’s upkeep costing RM14.3 million.

“It took the Mahathir government twice as long as they promised to sell the yacht, the auction flopped and the ‘transparent’ sales process the Mahathir government committed to at the outset has been subject to multiple abrupt changes – largely forced on the government through their own incompetence.

“The Mahathir government has shown that they are prepared to trash the value of the Equanimity in a misguided attack on their political opponents.

“No wonder recent by-election results demonstrate a growing concern from the Malaysian people.”

Low reiterated that this was a failed public relations stunt.

He included the reason why he was making the statement: It was because although the Equanimity “is owned by Equanimity (Cayman) Ltd”, he had been “inevitably drawn into the media coverage over the yacht’s mishandling by the Malaysian government”.

Low is wanted for questioning in Malaysia and the US over allegations of stealing billions from 1MDB. He is in hiding but has hired lawyers and public relations agencies to protect his public image.

***********************************************

US$126 million the best price we could get for Equanimity, says Guan Eng

(FMT) – The sale of the Equanimity, the superyacht allegedly purchased with stolen 1MDB funds, to Genting Malaysia Bhd for US$126 million (RM514 million) is the best price the casino operator could offer, Lim Guan Eng said.

Labelling the sum a “big amount”, the finance minister, however, admitted that they had wanted more for the luxurious yacht.

“But if this is the best price we can get based on an open tender, I think we have to accept this is the best price we are going to get,” he told reporters at the Dewan Rakyat lobby.

Lim, however, was supportive of the sale as the government had paid over RM14.2 million to maintain the “Equanimity” – currently anchored in Langkawi – from last August to March this year.

Earlier today, it was reported that Malaysia would sell the superyacht to Genting Malaysia Bhd in the first major asset sale by Putrajaya to recover billions lost from the fund.

The superyacht is among assets allegedly bought by fugitive financier Low Taek Jho, better known as Jho Low, and his associates with money taken from the state investment arm, US and Malaysian investigators have said.

Jho Low allegedly paid US$250 million for the 91m yacht, which has an interior clad in marble and gold leaf, a spa and sauna, a 20m swimming pool, a movie theatre and helipad.

Putrajaya put up the luxury yacht for sale in October, setting a minimum price tag of US$130 million, but had struggled to find a buyer at that price.

Attorney-General Tommy Thomas said the government negotiated directly with Genting Malaysia and, as a result, would save US$4.4 million in agent’s commission.