(Oct 29): Malaysia started an auction of financier Low Taek Jho’s US$250 million ($345 million) luxury yacht that investigators allege was bought with funds embezzled from investment company 1Malaysia Development Bhd.

Bidding on “Equanimity” starts Monday and will end on Nov. 28, according to Ong Chee Kwan from law firm Christopher & Lee Ong, who is representing the government and 1MDB in the sale of the 300-foot vessel. He couldn’t provide an estimate on the amount Malaysia expects to raise from it.

"All I can say is as high as possible," Ong said, referring those interested to yacht brokerage firm Burgess, which is handling the process.

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