THE government hopes to sell the 1MDB-linked superyacht Equanimity for RM500 million after court proceedings over its overship are resolved, said cabinet member Sivarasa Rasiah.

“We will probably hope to get RM500 million. It was bought for RM1 billion and you know the price of a boat decreases as soon as you buy it,” he told a law conference in Kuala Lumpur today.

Sivarasa added that the money will be used to pay off 1MDB’s debts.

The superyacht arrived at Port Klang last Tuesday, courtesy of Indonesian authorities who had impounded it in Bali in February at the request of the United States’ Department of Justice, which is also carrying out fraud and corruption investigations into 1MDB.

Lawyers of Penang-born businessman Low Taek Jho have claimed that the government seizure of the Equanimity was an “illegal act” as it ignores court proceedings in the US and Indonesia.

The yacht’s owner, Equanimity Cayman Ltd, had already filed a claim on the yacht.

At 91m long and constructed by Netherlands-based custom yacht builder Oceano, the Equanimity is the 54th largest yacht in the world.

The Equanimity won Monaco Yacht Show’s Best in Show in 2014 and was delivered to Low in June 2014.

The vessel can accommodate 26 guests and has a crew of 28.

Renowned designer Andrew Winch, responsible for Equanimity’s interior had said in an interview with SuperYachts.com in September 2014 that the ship reflected the owner’s needs.

“She has an Asian influenced interior which is good because that’s the style of interior and design of interior that the new owner really loves and is enjoying.”

Prime Minister Dr Mahathir Mohamad has said that the government wishes to dispose of the ship as soon as possible, citing monthly maintenance costs of RM2 million.

The plaintiffs in an ongoing suit initiated by the Attorney-General’s Chambers are the government and several 1Malaysia Development Bhd-linked companies, which assert they are the beneficial owners of Equanimity.

The Kuala Lumpur High Court will later determine ownership. – August 17, 2018.