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

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.

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