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...
The U.S. Coast Guard has issued a notice requesting comments Read more...
By Dorie Cox A new 125-foot Westport yacht ran into Read more...
Danish renewable energy company Ørsted has announced plans to build Read more...
Following are just a few of the yacht and crew Read more...
By Amanda Delaney Forecasting for Hurricane Dorian’s track was a 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Your email address will not be published.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

USCG seeks comment on e-charts

USCG seeks comment on e-charts

The U.S. Coast Guard has issued a notice requesting comments on Navigation and Vessel Inspection Circular 01-16 Change 2 -- Use of …

Stew Cues: Bed-making need not be a nightmare

Stew Cues: Bed-making need not be a nightmare

Stew Cues: by Alene Keenan It’s been said that you spend a third of your life sleeping. If that’s the case, then stews must spend …

Cable Marine, Boat Owners Warehouse founder Elmer Strauss dies

Cable Marine, Boat Owners Warehouse founder Elmer Strauss dies

By Dorie Cox From boatyards to retail stores, Elmer Strauss built a collection of businesses that helped change the face of the yacht …

Why come to the Triton Expo

Why come to the Triton Expo

Oct. 16, 5-8 p.m. It’s time for The Triton’s biggest event of the year -- the Triton Expo, this time held on the third Wednesday of …