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Month-long bidding for Equanimity starts Monday

THE EQUANIMITY

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KUALA LUMPUR — Oct. 26, 2018: The bidding for the luxury yacht Equanimity will begin on Monday and continue until November 28.

The admiralty court here has approved the bidding terms and conditions requiring those interested to pay a deposit of USD1 million (RM4.17 million).

“This is not an online bidding. Only qualified bidders can be included and they must pay a deposit of USD1 million to ensure only serious buyers are coming to bid,” said Ong Chee Kwan, a lawyer for 1Malaysia Development Berhad.

Ong, who is also representing two 1MDB subsidiaries 1MDB Energy Holdings Limited and 1MDB Global Investment Limited, said this after the case management proceeding in chambers before Judicial Commissioner Datuk Khadijah Idris today.

Qualified bidders will be given the opportunity to view the luxury yacht worth USD250 million (RM1.42 billion).

They will have the offer form and indicate they will accept the conditions. The form will then be placed in a sealed envelope and sent to the admiralty court’s sheriff.

Ong said details on the bidding will be published in local and international newspapers either today or tomorrow and those interested may contact the central agent.

The successful bidder selected by the sheriff will be required to pay 10 per cent of the total price while the balance has to be settled within 10 days.

On October 19, a high court declared that Equanimity belonged to the Malaysian government with state fund 1Malaysia Development Berhad (1MDB) as the beneficiary owner when its registered owner failed to appear in court to claim the vessel. — Bernama

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