Malaysian law firm Joseph & Partners is representing four plaintiffs in an application before Admiralty Court in Kuala Lumpur to sell the superyacht Equanimity, owned by businessman Jho Low, as part of efforts to recover assets related to the tainted state fund 1MDB.
Low is regarded as having been close to former prime minister Najib Razak and has been identified by investigators in Malaysia and the United States as a top suspect in the 1MDB case.
The four plaintiffs, the Malaysian government, 1MDB and its two subsidiaries 1MDB Energy Holdings Limited and 1MDB Global Investment Limited, have asked for the sale of the vessel, bunkers, fuel, lubricants and other consumables on board to be conducted through an open tender or private treaty by the Admiralty Court of sheriff.
Media reports cited the plaintiffs as saying that the sale proceeds of the ship will be paid into the court and kept in a bank account in Malaysia as approved by the accountant-general.
Equanimity, which is worth some $250 million, was seized in February at the request of U.S. authorities off the coast of Bali, was handed over to Malaysia earlier this month.
Earlier, Razak was charged for money laundering and abuse of power in connection with funds transferred from a former unit of 1MDB.
Allegedly more than $4.5 billion was diverted from 1MDB and laundered through a web of shell companies and bank accounts located in the United States and elsewhere.
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