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...
Update Nov. 14, 10 p.m. Derecktor Holdings Inc. was chosen Read more...
The International Superyacht Society is seeking a voice within the Read more...
On Oct. 27, the French research schooner S/Y Tara returned Read more...
By Carol M. Bareuther Music and film magnate David Geffen’s 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Your email address will not be published.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

FLIBS18: Capt. Todd Lee named Fraser captain of the year

FLIBS18: Capt. Todd Lee named Fraser captain of the year

Capt. Todd Lee of M/Y Seanna, a 185-foot Delta, was named Fraser Yacht Management Captain of the Year for 2018. The fourth edition of …

Derecktor wins bid to develop Fort Pierce large yacht facility

Derecktor wins bid to develop Fort Pierce large yacht facility

Update Nov. 14, 10 p.m. Derecktor Holdings Inc. was chosen tonight to build and manage a Fort Pierce large yacht facility by a unanimous …

Triton networks with Longbow Marine

Triton networks with Longbow Marine

About 200 captains, crew and industry professionals network with The Triton at Longbow Marine on Nov. 14 in Fort Lauderdale. Photos by …

Rules of the Road: A review of taxes that apply to Florida boat sales

Rules of the Road: A review of taxes that apply to Florida boat sales

Rules of the Road: by Capt. Jake Desvergers It’s that time of year again: boat show season. Events at Cannes, Genoa and Monaco …