SINGAPORE (Feb 7): It boasts a gym, pool, gallery, beauty salon and helipad — not to mention space for sleeping 22 guests — and it’s up for sale at around half its purchase price. Yet finding a buyer for the 300-foot superyacht Equanimity, one of the most striking assets at the heart of the 1MDB scandal, is not proving to be an easy task.

The boat stands out among possessions being sold by Malaysian authorities keen to recoup funds allegedly lost through the massive fraud that sparked investigations worldwide and engulfed Goldman Sachs Group Inc. along with former Malaysian Prime Minister Najib Razak.

The yacht’s former owner, fugitive businessman Low Taek Jho, has been described as a central figure in the multi-billion-dollar scandal. Jho Low and others are accused by authorities of siphoning 1MDB funds for personal use — including buying the Equanimity, which was completed in 2014 and is thought to have cost US$250 million ($338 million). With a guide price of US$130 million, yacht specialist Burgess, the sole broker for the sale, said there were few boats equal in size currently on the market. Yet an initial effort to sell the vessel in a November 2018 auction, after the Malaysian Admiralty Court ruled that the Malaysian government and 1MDB were the rightful owners of the vessel, failed to secure a buyer.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook