1MDB's bid for an urgent sale of the Equanimity shows that Prime Minister Dr Mahathir Mohamad's "stunt" of seizing the superyacht had backfired, claimed fugitive businessperson Jho Low.
In a statement through his lawyers, Low said Mahathir "now realises it costs millions to maintain the yacht, so his only option is an illegal quick fire sale at a likely huge discount."
The bid to sell off the Equanimity urgently will be heard at the Kuala Lumpur Admiralty Court this evening.
1MDB said the vessel had to be sold off quickly because it was physically deteriorating due to exposure to sea and weather.
Low said the hearing is nothing but a sham and part of an "unjust and arbitrary legal process subject to the whims of a vindictive regime".
He also said the deterioration of the vessel was unfortunate and could have been avoided if a legal battle over ownership of the Equanimity had been allowed to continue in the US prior to any seizure.
This is because the US had been willing to pay for the Equanimity's upkeep during the trial.
The US Department of Justice claimed the US$250 million yacht was purchased by Low using funds misappropriated by 1MDB.
The vessel had been seized in Indonesia in February. It was handed over to Malaysia earlier this month.