The Triton

Editor's Pick

Judge orders Equanimity owner to forfeit yacht to US

ADVERTISEMENT

Malayasian financier Low Taek Jho, also known as Jho Low, was ordered on Tuesday (May 15) to turn over his $250 million yacht, M/Y Equanimity, to U.S. officials, who claim he bought it with money siphoned from the 1Malaysia Development Bhd sovereign wealth fund, according to Bloomberg News.

A federal judge in Los Angeles issued the order on the Justice Department’s request to get custody of the yacht, which was in Indonesia. U.S. District Judge Dale Fischer initially ruled in April that the ship could be sailed to the U.S. from Bali, but a court in Jakarta later found that the police hadn’t followed proper procedures and ordered the yacht returned. A lawyer for the trusts that own the yacht for Low’s benefit will comply with a final and binding court order to turn over the yacht, Bloomberg has reported.

The U.S. and Low’s lawyers are negotiating a sale of Equanimity, a 300-foot (91.5m) Oceanco launched in 2014, while the forfeiture lawsuit is unresolved, but are divided on whether the transaction should take place in the U.S. or in the Mediterranean, which the trusts argue is a superior market for megayachts.

Read more from Bloomberg here and here.

Related Posts...
Private yachts between 12m and 24m and less than 20 Read more...
By Dorie Cox A yacht engineer was treated for heat Read more...
After a relaxing summer hiatus, Triton Networking is back on Read more...
The winning bidder in last Thursday’s court-ordered auction of M/Y Read more...
The U.S.Coast Guard has proposed revising its credentialing regulations to Read more...

Share This Post

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Your email address will not be published.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.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Editor’s Picks

Smaller yachts can skip MI inspection

Smaller yachts can skip MI inspection

Private yachts between 12m and 24m and less than 20 years of age are no longer required to undergo a pre-registration inspection to fly the …

Capt. Ryan O’Meara dies in the Bahamas

Capt. Ryan O’Meara dies in the Bahamas

By Dorie Cox Capt. Ryan O’Meara loved the water, his yacht crew, and his work on M/Y Pipe Dream, a 112-foot Westport. He was in the …

Underway and over the top with Capt. Grant Maughan

Underway and over the top with Capt. Grant Maughan

A lifetime of experiences on land and at sea culminate as Capt. Grant Maughan summits Mount Everest in May. By Dorie Cox Capt. Grant …

‘Excellent’ waterways make for ‘great’ voyage into America’s Upper South

‘Excellent’ waterways make for ‘great’ voyage into America’s Upper South

By Lucy Chabot Reed The four-member crew of M/Y Sensation, a 112 Westport, took the vessel from Fort Lauderdale to Nashville, Tennessee, …