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Jho Low's yacht goes on sale for US$130m after auction flop

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The yacht, named Equanimity, furnished with a Turkish bath and a helicopter landing pad, is part of a US$1.7b collection of assets that the US has sought to seize.

Kuala Lumpur

THE LUXURY YACHT once owned by fugitive financier Low Taek Jho is being put on sale for a minimum price of US$130 million, a discount to the US$250 million that Low allegedly paid for it in 2014.

Malaysia set the floor price as a guide for would-be buyers, after no "acceptable" bids were received at an earlier auction that closed on Nov 28, The Star newspaper reported, citing S Sitpah, the lawyer representing the government in the sale. The price was set following an appraisal by UK-based surveyor Winterbothams Ltd.

The yacht, named Equanimity, furnished with a Turkish bath and a helicopter landing pad, is part of a US$1.7 billion collection of assets that the US has sought to seize.

sentifi.com

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Prosecutors alleged that they were bought using money embezzled from Malaysian state fund 1MDB, which lies at the center of a globe-spanning scandal that has ensnared Goldman Sachs Group Inc and former prime minister Najib Razak. Low and Najib have maintained their innocence.

Malaysia is looking for a quick sale of the vessel, which costs about RM3 million (S$986,078) a month to maintain.

The government is holding private negotiations after getting the court's approval to do so, and expects to find a buyer by the end of March next year, The Star newspaper said. BLOOMBERG