THE Admiralty Court will hear 1Malaysia Development Bhd’s application tomorrow for the urgent sale of the Equanimity superyacht, reported Malaysiakini.

According to the report, 1MDB wants an order for the sale to be conducted via public tender or private treaty by the Admiralty Court sheriff.

The application before the Kuala Lumpur Admiralty Court was filed by Jeremy Joseph and Partners.

The Malaysian government took custody of the superyacht, which arrived at Port Klang early this month.

It came courtesy of the 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 wanted businessman Low Taek Jho said 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, has already filed a claim on the yacht.

Prime Minister Dr Mahathir Mohamad had called for a quick sale of the vessel to recover money allegedly stolen from 1MDB.

Last week, cabinet member Sivarasa Rasiah said the government hoped to sell the Equanimity for RM500 million after court proceedings over its ownership are resolved.

Malaysiakini also reported that the hearing tomorrow evening is not to decide on ownership of the Equanimity, and that the filing calls for all questions on a claim to the sale proceeds to be reserved.

The proceeds from the sale are to be paid into court and placed in a bank account in Malaysia.

The filing also states that the Equanimity was “physically deteriorating” due to exposure to the elements, and that an urgent sale was needed to avoid a decline in value. – August 23, 2018.