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.

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Your email address will not be published.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

Recent yacht fires a warning: Know your insurance details

Recent yacht fires a warning: Know your insurance details

By Dorie Cox No one wants to burn through a $20 million loss like the 102-foot M/Y Polar Bear in a San Diego shipyard in 2014. The …

France, Italy change Med charter VAT laws

France, Italy change Med charter VAT laws

By Sara Ammannati and Camille Penquerch January was a month of significant changes for charter activity in the Mediterranean following …

Crew Eye: A successful catch and release, times three

Crew Eye: A successful catch and release, times three

Chef Chris Parthemore, left, and First Mate Tom Robertson at anchor just outside Gustavia, St. Barts, in February. “Tom got the first …

Triton networks with Lewis Marine

Triton networks with Lewis Marine

Nearly 250 yacht captains, crew and industry folks stopped by Triton Networking with Lewis Marine Supply last night to check out the …