Malaysiakini News

Equanimity 'owner' says didn't receive notice on urgent sale

Published:  |  Modified:

Equanimity (Caymans) Ltd, the company that owns the 1MDB-linked superyacht on paper, says it has not received any legally valid notice regarding a court hearing scheduled today, seeking an urgent sale of the vessel.

In a statement, the company said the urgent sale is also a violation of international law, as ownership of the yacht is still being challenged in the US courts.

"To move for a sale in Malaysia immediately would be a remarkable violation of due process and international legal comity, and would call into question the actual ownership of the yacht for any potential buyer.

"These misguided actions would create a cloud on the Equanimity’s ownership that could easily take years to resolve in several courts around the world," the Caribbean-based firm said.

The urgent sale had been applied for by 1MDB and will be heard at the Kuala Lumpur Admiralty Court at 2.30pm.

Documents sighted by Malaysiakini yesterday show that a writ of summons had been issued to Equanimity (Caymans) Ltd on Aug 6, but it is unknown if the Caribbean-based firm had received the notice.

The Equanimity is believed to have been purchased and ultimately owned by fugitive businessperson Jho Low using allegedly misappropriated 1MDB funds.

1MDB had applied to sell the Equanimity urgently to maintain its value, as it said the vessel was physically deteriorating due to exposure to sea and weather.

Equanimity (Caymans) Ltd blamed the deteriorating state of the ship on mishandling by Putrajaya.

"Due to the Malaysian government’s precipitous, ill-conceived, and misguided actions, the yacht is running 24 hours per day, 7 days a week on generator power, which is unsustainable and harmful to the vessel.

"Moreover, Malaysia has currently docked the yacht in a hazardous environment in which toxins such as water pollution and nearby smoke are greatly damaging it.

"Because Malaysia apparently does not have – or does not want to spend – the necessary funds to properly maintain the vessel while it is prepared for a value-maximizing sale, Malaysia has instead proposed a 'fire sale', in which the yacht is to be sold for a fraction of its true value," it said.

Since Aug 7, the Equanimity has been docked at the Boustead Cruise Centre in Port Klang.

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