The Triton

News

Indian Empress sold at auction

Posted on by in
ADVERTISEMENT

M/Y Indian Empress was sold for 43.5 million euros in a court-ordered auction in Malta on June 28. The winning bidder’s identity has been withheld.

The 311-foot (95m) Oceanco, built in 2000, was impounded in Malta in March after being hit with a maritime lien by more than 40 crew members who were owed more than $1 million in wages that had not been paid since September 2017, when the owner abandoned the boat.

Using a “safety net” financial security provision of the international Maritime Labour Convention, the maritime professionals’ trade organization Nautilus International secured about $615,000 – four months’ worth of the unpaid crew wages. According to the trade organization, it was the first time in the superyacht industry that the MLC provision was successfully enforced.

In March, the civil court of Malta ordered payment of 651,000 euros to a fuel supplier and 92,000 euros to senior staff, according to local news reports.

In April, the court ordered the yacht owner to settle an outstanding bill from marine repairs and services company Melita Power Diesel Limited, to pay 234,129 euros in back wages to 15 crew members, and to pay more than 68,000 euros to yacht agents Agence Maritime Tropezienne and Luise Associates Riviera & Co.

The yacht’s owner, liquor tycoon Vijay Mallya, was arrested in London in 2017 on allegations he supported his Force India Formula One team with money-laundered cash. The 62-year-old former Indian politician also faces extradition to India on charges including money laundering and fraud. Mallya, whose assets remain frozen, denies the accusations.

An earlier auction date of May 21 was suspended by the civil court of Malta after the owner’s representatives requested more time to advertise the sale. Mallya reportedly paid $113 million for the yacht when he bought it in 2006. Indian Empress is registered on the Isle of Man and is estimated to be worth $93 million. Launched in 2000 as M/Y Al Mirqab, the yacht was previously owned by the Qatari royal family.

According to Nautilus International, sale proceeds were expected to be deposited in court within a week of the ruling. The court then will arrange for creditors, including crew, to be paid what they are owed.

Related Articles

New system protects against gas leaks

Ireland-based BoatWarden, an early warning and monitoring system designer, has launched GasWarden, a new safety device to protect against propane leaks on yachts. Engineer Kevin Hennessy, founder …

Charters in Vanuatu need agent

Legislation has recently been passed in the South Pacific nation of Vanuatu that requires charter yachts to retain the services of a licenced Vanuatu yacht agent.For more information, visit …

FLIBS18: MHG Insurance rocks the 1980s with annual FLIBS party

FLIBS18: MHG Insurance rocks the 1980s with annual FLIBS party

Cassette tapes, movie posters, Rubik’s cubes, and 80s music decorated MHG Insurance’s annual Fort Lauderdale International Boat Show party on Oct. 24 at the office in Fort Lauderdale. Photos by …

Crew Mess: Ground Philly Cheese Steak

Crew Mess: Ground Philly Cheese Steak

By John Wampler On a delivery from Fort Lauderdale to Chicago on a 68 Sea Ray, we found ourselves delayed near Paducah, Kentucky. The upper Mississippi River was above flood stage, and we needed …

KVH introduces business class

Rhode Island-based KVH Industries has launched unrestricted rate plans featuring business class service for its mini-VSAT broadband network. Designed to meet the demand for maritime connectivity, …

Owner’s column rightly points to captain-owner relationship

Owner’s column rightly points to captain-owner relationship

Peter Herm’s article, “Captains, boat shows are the perfect mix to feed the dream,” [Owner’s View, page A3, March issue] raises a number of interesting topics and captures some of the more …

Comments