Genting Malaysia Bhd confirmed it is buying the Equanimity superyacht together with bunkers, fuel, lubricants and other existing consumables on board for a total consideration of US$126 million (RM514.14 million).
It is the best offer received over the five months, from October 2018, when the Equanimity was first put up for sale. Many offers were received in this period, and a few were over US$100 million. It was Genting however, that offered the highest price, that was today approved by Court for acceptance.
Attorney-General Tommy Thomas revealed that the Genting offer was negotiated directly with the government, no agency commission was payable and this resulted in a savings of US$4.4 million (RM17.95 million).
“This will rank as the highest recovery to date for the Government of Malaysia from its 1Malaysia Development Bhd (1MDB) scandal, within a mere eight months from the commencement of this action,” he said in a statement on Wednesday (April 3).
“Although the Winterbothams’ market price evaluation of the Equanimity at US$130 million (RM530.46 million) was not reached, the net returns to the government is as good, if not more than envisaged.
“This judicial sale at USD$126 million (RM514.14 million), is historic, by any measure.
“It records a high-water mark for our judicial system in ensuring that market value is secured for a vessel sold through the processes of Court, without any discount.
“It is even more commendable that this is achieved in a very sophisticated high-end superyacht sale where the pool of buyers is very small,” Thomas said.
Thomas added that the government was appreciative of the offer by Genting.
He said the satisfactory sale price was accomplished largely through the expertise and mastery of the dedicated legal team representing Putrajaya.
“The legal team acted beyond the call of duty, travelling to meet potential buyers in Hong Kong and London, bearing travel costs personally to ensure the widest possible outreach, and a better understanding of the circumstances of the sale,” he said.
He also thanked the Royal Malaysian Navy, which he said, offered prime space in Langkawi for the docking of the Equanimity over five months, free of charge.
The Navy, together with the police, ensured the security of the luxury yacht.
Genting Malaysia, which is involved in gaming, hotel and resort-related operations, said the acquisition was not expected to have a material effect on the consolidated earnings, net assets and gearing for the financial year ending December 31, 2019.
As at mid-day break, Genting Malaysia was up eight sen to RM3.25 with 2.69 million shares transacted.
Genting Bhd rose 17 sen to RM6.87 while Genting Plantations share price was flat at RM10.50.
Jho Low allegedly paid US$250 million for the yacht, which has an interior clad in marble and gold leaf, a spa and sauna, a 20-metre (66-ft) swimming pool, a movie theatre and helipad.
Its interior configuration has been designed to comfortably accommodate up to 22 guests overnight in 11 cabins, comprising a master suite, four VIP staterooms, two double cabins and two twin cabins.
For months, the 300.20ft custom expedition superyacht was said to be Low’s mode of travelling as he evaded capture.