Wednesday 14 November 2018

How much would you pay for this luxury yacht at centre of corruption case?

Bidding is open until November 28 and Malaysia’s government must then approve the deal.

The luxury yacht Equanimity is seen in the Benoa harbour in Bali, Indonesia (Ambros Boli Beranos/AP)
The luxury yacht Equanimity is seen in the Benoa harbour in Bali, Indonesia (Ambros Boli Beranos/AP)

By Associated Press Reporter

Malaysia’s government has launched a one-month auction for a luxury yacht bought with money stolen from the multi-billion-dollar looting of a state investment fund.

The sale that began on Monday came nearly three months after Indonesia returned the 250 million US dollar yacht, Equanimity, after seizing it off Bali in February in cooperation with the US FBI.

ipanews_ddaac2a8-52f4-42a3-9294-b8868fb331b8_embedded239394120
The yacht was allegedly bought with money plundered from Malaysia’s investment fund (Yam G-Jun/AP)

The US Justice Department, one of several foreign agencies investigating a massive corruption scandal at the 1MDB fund, had listed the yacht among the assets it could seize and sell to recover stolen funds.

Ong Chee Kwan, a lawyer for 1MDB, says the government has opened bids for the yacht following a lengthy court process.

Once the auction ends on November 28, the government could make a decision on the sale within a week.

Press Association

Today's news headlines, directly to your inbox every morning.

Editors Choice

Also in World News