PUTRAJAYA: Attorney-General Tommy Thomas announced this morning that the Superyacht Equanimity is to be sold to Genting Malaysia Bhd or its special purpose vehicle (SPV) company at the price of US$126 million, ranking as the highest recovery to date for the Malaysian government from the 1Malaysia Development Berhad (1MDB) scandal.
The media statement issued by the AG's Chambers said the Admiralty Court in Kuala Lumpur today approved for acceptance, the offer by Genting to purchase the Equanimity on the Sheriff’s terms and conditions.
The US$126 million (RM514 million) purchase price will be paid by Genting, and received by the court, by the end of April.
In the statement, Thomas said although the Winterbothams’ market price evaluation of the Equanimity at US$130 million was not reached, the net returns to the government is as good if not more, than envisaged.
He described the judicial sale at US$126 million as "historic, by any measure" and the best offer received over the five months, from October 2018, when the Equanimity was first put up for sale.
"As the Genting offer was negotiated directly with the Government of Malaysia, no agency commission is payable; resulting in a savings of about US$4.4 million. It records a high-water mark for our judicial system in ensuring that market value is secured for a vessel sold through the processes of Court, without any discount. It is even more commendable that this is achieved in a very sophisticated high-end superyacht sale, where the pool of buyers is extremely small."
Thomas commended the dedicated legal team representing the Government of Malaysia for accomplishing “the very satisfactory” sale price of US$126 million through their expertise.
“The Legal Team acted beyond the call of duty, travelling to meet potential buyers in Hong Kong and London, bearing travel costs personally; to ensure the widest possible outreach, and a better understanding of the circumstances of the sale.
"Their efforts were complimented by the prompt and steady co-operation of the Court Sheriff; and the professionalism and readiness of the Admiralty Judge.”
Thomas also thanked The Navy, together with the Malaysian Police, which ensured the security and safety of the vessel whilst under arrest, even carefully escorting her during sea trials by prospective buyers.
“The Government of Malaysia is most grateful for this, for it helped tremendously in keeping down the costs of maintaining the Equanimity under arrest.”
He said for transparency, a further statement will be issued once the purchase price is received, with a breakdown of the expenses incurred, and the net amount to be credited into the newly opened 1MDB asset recovery account.
