'Equanimity' sold by Malaysian Government for $126 million
The 91.5m Oceanco embroiled in the 1MDB scandal has been sold to a subsidiary of Genting Malaysia Bhd…
The Government of Malaysia has today announced that Equanimity, the 91.5m Oceanco-built motoryacht embroiled in the saga concerning some $3.5 billion misappropriated from the sovereign wealth fund 1Malaysia Development Berhard (1MDB), has been sold to a special purpose vehicle owned by Genting Malaysia Bhd for $126 million. The Admiralty Court in Kuala Lumpur today approved for acceptance the offer by Genting to purchase Equanimity.
The $126 million purchase price will be paid by Genting and received by the court by the end of April 2019. This transaction will rank as the highest recovery to date for the fund missing from the 1MDB scandal. This sale represents a significant victory for the government given that it has managed to recuperate the funds a mere eight months after commencing its action with Equanimity.
With a valuation of $130 million placed on Equanimity by Winterbothams, the sale of $126 million should be considered a success given the well recorded up keep costs of such a large superyacht, especially in light of the Malaysian Government’s lack of experience with such assets.
“This $126 million is the best offer received over the five months, from October 2018, when Equanimity was first put up for sale. Many offers were received in this period, and a few were over $100 million,” explains the Malaysian Government’s Attorney General. “It was Genting, however, that offered the highest price, that was today approved by the Court for acceptance.”
During the process of reclaiming Equanimity from the now disgraced Low Taek Jho, commonly referred to as Jho Low, who used misappropriated funds from 1MDB to purchase the vessel, she became a symbol for corruption and a beacon of negativity for the Malaysian Government. During the sales process, and now as a result of her eventual sale, it is hoped that Equanimity can become a flag bearer for the fight against corruption in Malaysia.
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