The Triton

News

Yacht seized in Panama Papers report

ADVERTISEMENT

M/Y Galactica Star, the 213-foot (65m) Heesen launched in 2013, has been frozen after documents revealed in the Panama Papers linked its owner to a fraud investigation in Nigeria.

In a story released July 25, the International Consortium of Investigative Journalists (ICIJ) reported that the yacht is owned by Nigerian oil magnate Kolawole Aluko, one of four people the Nigerian government says owes the government nearly $1.8 billion on sales of oil.

The yacht is owned through a shell company that was created by the law firm Mossack Fonseca, a Panamanian law firm. More than 11 million of the firm’s financial and legal documents were leaked, revealing a who’s who of the world’s wealthiest people and how they handle their money.

The law firm denied any wrongdoing.

“Our firm, like many firms, provides worldwide registered agent services for our professional clients (e.g., lawyers, banks, and trusts) who are intermediaries,” Mossack Fonseca told ICIJ. “As a registered agent we merely help incorporate companies, and before we agree to work with a client in any way, we conduct a thorough due-diligence process, one that in every case meets and quite often exceeds all relevant local rules, regulations and standards to which we and others are bound.”

The Panama Papers reveal that in August 2015, Aluko’s Swiss wealth manager, Johnnie Ebo Quaicoe, asked the law firm to help with a $30 million mortgage.

In May, the Lagos Supreme Court granted the Nigerian government’s request for an order freezing assets linked to Aluko and three others, including the assets used to secure that loan – M/Y Galactica Star and a Manhattan apartment.

Click to read the full ICIJ report.

Related Posts...
The head of Waters Club Holdings Inc., a member-based yacht Read more...
The Newport Charter Yacht Show, which features luxury sailing and Read more...
A group of residents gathered at Molokai harbor recently to Read more...
Foreign trade zone offers new options for foreign-flagged yachts By Read more...
By Dorie Cox Wednesday worked. For as long as most Read more...

Share This Post

One thought on “Yacht seized in Panama Papers report

  1. Ted Marshall

    I wonder if MY Galactica Star is in a nation that would honor “Freezing” her, or is she floating offshore in a non-compliant zone?

    cheers,
    Salty Dawg

Leave a comment

Your email address will not be published. Required fields are marked *

Please answer the question below to leave a comment. * Time limit is exhausted. Please reload CAPTCHA.

Editor’s Picks

Crew Coach: How well a job interview goes could depend on 4 key aspects

Crew Coach: How well a job interview goes could depend on 4 key aspects

Crew Coach: by Capt. Rob Gannon Recently I saw an ad for a television program that shows job interviews. I haven’t watched it, and …

Antigua17: Chefs contest brings crew closer

Antigua17: Chefs contest brings crew closer

Chefs on Adiamo, Sarissa and Vigilant I take top honors at Antigua By Dorie Cox Competing in the Concours de Chef is fierce and …

Eng. James “Jimmy” Cascella dies after motorcycle accident

Eng. James “Jimmy” Cascella dies after motorcycle accident

By Dorie Cox Eng. James "Jimmy" Cascella died Dec. 7 from injuries sustained in an accident on Interstate 95 at Hollywood Boulevard in …

Triton Networking with Ocean Wine and Spirits

Triton Networking with Ocean Wine and Spirits

Nearly 200 captains, crew and industry folks joined us for Triton Networking on the first Wednesday of December with Ocean Wine & …