THE proceeds from the sale of the Equanimity super yacht will be deposited in the 1Malaysia Development Berhad (1MDB) recovery account, said Finance Minister Lim Guan Eng.

The money will be deposited in August, he told the Dewan Rakyat today.

The Equanimity was sold to Genting Berhad for US$126 million (RM527.4 million).

The proceeds were received on April 23 and are currently kept under the sheriff (of the Admiralty Court) stakeholder account with a local law firm for a period of three months.

This is for the purpose of paying maintenance costs that will be decided via a court order.

The proceeds minus the expenses incurred for the sale will be deposited into the recovery account,” Lim said in reply to a question about the yacht from Ahmad Jazlan Yaakub (BN-Machang).

He said the proceeds will be used to service 1MDB’s debt.

Lim said inclusive of interests, 1MDB’s debt amounted to RM51.015 billion. – July 11, 2019.