The M/Y Equanimity, a 300-foot (92m) Oceanco seized in February off Bali after its owner, a Malaysian financier known as Joh Low, was accused of buying the yacht with money stolen in a $4.5 billion fraud case, is expected to be turned over to Malaysia on Tuesday, according to news sources.
The agreement between Indonesia and Malaysia comes despite an earlier claim by the U.S. Department of Justice, which has filed lawsuits to seize almost $2 billion in assets Low allegedly bought with money from the fraud case involving Malaysian state investment fund 1Malaysia Development Bhd. The Cayman-registered yacht, reportedly worth $260 million, was under the control of the DOJ when it was seized Aug. 2 by Indonesian police and Malaysian officials in Bali.
According to The Straits Times of Singapore, the DOJ had replaced the yacht’s original crew with a specially appointed team from Wilson Yacht Management. Financial executives close to the situation said WYM had been hired by the DOJ to handle the running costs of Equanimity, estimated to be roughly $1.15 million a month, The Strait Times has reported. Read the full story here.