This article first appeared in The Edge Financial Daily on November 19, 2019

KUALA LUMPUR: The High Court was told that there were no other claims, including from fugitive businessman Low Taek Jho (Jho Low), on the US$126 million sales proceeds of superyacht Equanimity apart from 1Malaysia Development Bhd (1MDB).

Jho Low had allegedly bought the vessel using money siphoned from 1MDB.

Lawyer Jeremy Joseph, who represents 1MDB, told Justice Datuk Khadijah Idris that after the disposal of Equanimity, the sales proceeds were deposited into a Court’s Sheriff account, and is equivalent to RM517.67 million.

Jeremy said the proceeds were deposited for a 90-day period for any parties who intend to file an application for claims.

Since there were no other claims, Jeremy said 1MDB filed an application to transfer the proceeds, after deducting necessary expenditure, to an Asset Recovery Account owned by the ministry of finance.

He said among the expenditure needed to be deducted are the sheriff’s commission (US$1.57 million), sheriff’s cost and expenses, and cost of producer fund.

The sheriff’s cost and expenses consist of expenditures in four currencies, namely US$4.84 million, £69,813.41, €16,806.26, and RM3.65 million.

Justice Khadijah ordered Jeremy to provide additional supporting documents for her to determine the appropriate amount for cost of producer fund.

The judge then fixed this Thursday for submission of documents, and will deliver her decision on Friday.