SuperyachtNews.com - Business - Court rules 'Equanimity' free to leave Indonesia

By

Court rules ‘Equanimity’ free to leave Indonesia

The motoryacht and its crew were detained by authorities in Bali in February…

In March, SuperyachtNews reported that 91.5m M/Y Equanimity had been seized in Bali following links to an ongoing fraud investigation. The United States’ Department of Justice has been investigating alleged illicit behaviour of the 1Malaysia Development Berhad (1MDB) and various business associates since 2015, and the alleged owner of Equanimity, prominent Malaysian financier Jho Low, has been named as a key figure in the US lawsuits.

Following the yacht's seizure in February 2018, local media outlets have now reported that a South Jakarta district court has ruled that the yacht has no link with 1MDB and that the vessel can thus be returned to its owner. In a statement, Indonesia Special Economic Crimes Unit Director Dr Rudy Heriyanto Adi said that the police would follow the decision made by the court.

“Based on the ruling made by the South Jakarta State Court, which is final, the police will obey the order to return the yacht to its owner, Equanimity Cayman Limited,” he commented. “Based on the facts of the proceedings, it was found that the rightful owner of the superyacht Equanimity is Equanimity Cayman Limited [and] that there is no link between the superyacht and 1MDB.”

Complicated or ambiguous ownership structures are not uncommon in the superyacht sector. As Adam Ramlugon, managing partner of Bargate Murray, pointed out in the previous coverage of the incident, one of the reasons for placing a yacht in the ownership of a company or other such structure is that a beneficial owner can limit their liability. However, such structures can also be a vehicle for less scrupulous individuals to obscure their relationship to a particular yacht, perhaps to deliberately make it difficult to link them to it.

According to MarineTraffic at the time of writing, M/Y Equanimity has not left Indonesia. 

 

TRANQUILITY
OCEANCO 2013 2014 Delivered
91.50m 14.50m 4.08m 2998
OCEANCO
WINCH DESIGN
OCEANCO | AZURE NAVAL ARCHITECTS

Join the discussion

Court rules ‘Equanimity’ free to leave Indonesia

28248

To post comments please Sign in or Register

When commenting please follow our house rules


Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.

Sign up to the SuperyachtNews Bulletin

Receive unrivalled market intelligence, weekly headlines and the most relevant and insightful journalism directly to your inbox.

The SuperyachtNews App

Follow us on