THE Kuala Lumpur High Court today granted an application from 1Malaysia Development Bhd to sell the RM1 billion luxury yacht Equanimity. 

A lawyer representing the plaintiff, Ong Chee Kwan, told reporters today that the order was granted pending the determination of action. 

“We have received the order to sell the vessel pending the determination of action, and because the maintenance (cost) is so high, we need to sell it as soon as possible,” he said.

“The longer you have it maintained, it will diminish in value at the end of the day,” Ong said.

The decision to sell the superyacht was reached in chambers after a meeting between judicial commissioner Khadijah Idris, Ong, and other lawyers representing plaintiffs 1MDB Global Investments Ltd, 1MDB Energy Holdings Ltd, 1MDB, and the Malaysian government.

“The order has been granted. Our next step of course is to pursue (proceedings) as fast as possible to get the vessel sold,” Ong said.

No representatives for the Equanimity’s owners or 1MDB-linked businessman Low Taek Jho were present at the court today.

Ong said that a letter was sent to the defendant, who was given 14 days to respond or to appear in court.

“We submitted a letter to the defendant, and if they want to defend the ownership of the vessel they need to appear in court.”

“They are not here today, and they have 14 days to act,” said another lawyer, Jeremy Joseph. 

The application to sell the vessel was made last Tuesday. The plaintiffs had asked for the sheriff or court registrar to sell the yacht by way of public auction or private treaty. 

The yacht’s owner, Equanimity Cayman Ltd, has filed a claim on the yacht, while Low through his lawyers has been disputing the legality of Malaysia’s move to take possession of the vessel since its handing over by the Indonesian authorities earlier this month.

Ong said the 91m-long, award-winning yacht could be sold in one or two months’ time, adding that whoever buys the yacht will have a “free and clean ownership”.

“I think in one, two months, we can sell it off. As for now the government is paying for the maintenance cost.

“The new owner will have a clean ownership. There will be no issue with the new owner,” the lawyer said.

The yacht could be sold for RM500 million, due to depreciation, once court proceedings are resolved, minister Sivarasa Rasiah had said recently.

It has been reported that payment will be made in either US dollars, ringgit, or euros, with the money placed in an interest-bearing account pending the outcome of the suit.

Low, who was today charged in absentia with eight counts of money laundering involving 1MDB funds, said he would not submit to an unfair trial.

He said the charges were meant to distract from the illegality of Malaysia’s seizure of the yacht. – August 24, 2018.