This article first appeared in The Edge Financial Daily on December 6, 2018

KUALA LUMPUR: “Much interest” to buy the 1Malaysia Development Bhd-linked (1MDB) superyacht Equanimity was received from the bidders during the one month it was available for sale, said the lawyers appointed to act for the Attorney-General’s Chambers on the matter.

The sheriff of the Admiralty Court will now be seeking the necessary court orders to commence the second phase of the judicial sale by private treaty, for closing of the sale by March 31 next year, said the legal team.

The “nine-digit” asking price will be available on application, once approval of the court is obtained, said the team, led by Sitpah Selvaratnam, in a statement yesterday.

The Equanimity was made available on Oct 29 to receive offers by sealed bids to purchase her, through Burgess, the central broker appointed by the court.

“The wide publicity and advertisement for her sale, through invitation for public tender by sealed bids, is an essential aspect of the judicial sale process to transfer clean title to the purchaser.

“The sheriff of the Admiralty Court has now considered the various aspects of the offers received at the closing of submission of the bids on Nov 28, and is of the view that the proceeding with the second stage of the judicial sale process would be beneficial in securing the optimum value for the Equanimity,” said the statement, without disclosing details of the offers and bidders.

According to the legal team, this mandatory first phase of the judicial sale process was completed with the widest outreach and publicity possible in the superyacht market and to the trading and business community generally.

On the nine-figure asking price, the legal team said it “will be commensurate with a four-and-a-half year old Oceanco-built luxury yacht, with the specifications of the Equanimity, as she lies.”

Fugitive financier Low Taek Jho (Jho Low) allegedly built the Equanimity at a cost of over US$250 million using funds stolen from 1MDB.

On Oct 19, the High Court ruled that 1MDB Energy Holdings Ltd and 1MDB Global Investment Ltd, the units of 1MDB, are the rightful owners of the superyacht.

The judgment-in-default was made by judicial commissioner Khadijah Idris in chambers after no one came forward to challenge the claim jointly made by the Malaysian government and 1MDB on Aug 6.