Ann Fenech, managing partner of Fenech and Fenech Advocates, has confirmed that the 95m Oceanco build, Indian Empress, was auctioned this morning in the Law Courts building in Valleta, Malta, for €43.5 million.
According to Fenech, the opening bid on the yacht was for €25 million. The winning bidder was Crediyacht Ltd, a company registered in Malta, of which the sole shareholder is Hossein Asadollahi, an Iranian national. He now has seven days to deposit the purchase price in Court.
The creditors of Indian Empress will then be paid from the purchase price through a process called a 'competition of creditors' procedure. Click here for more information on the preliminary arrest of the vessel.
Is €43.5 million a good deal for the buyer?
I think she would have been listed for sale at a much higher price on the brokerage market, although her auction price is probably quite close to what might be considered a fair market value for the boat.
It breaks down to €13,696 per gross ton, which is low for an Oceanco build, however, she is an 18-year-old boat and has been operating on a very limited budget since she was abandoned in September 2017 and potentially before.
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