Jho Low’s superyacht sells, marking largest recovery of funds from 1MDB scandal

A global casino company paid $126 million for the 300-foot long ship

National /
Apr.April 03, 2019 03:30 PM
Superyacht Equanimity and Jho Low (Credit: Wikipedia)

Superyacht Equanimity and Jho Low (Credit: Wikipedia)

The Malaysian government has sold a superyacht from the 1MDB scandal to the casino company Genting Malaysia Bhd. for $126 million.

The sale is the largest amount of money Malaysia has yet recovered from 1MDB, according to Bloomberg. Genting must pay for the boat by the end of April.

The yacht was seized from Indonesian waters in 2018 as part of Malaysia’s attempt to recoup the roughly $4.5 billion that was allegedly stolen from 1MDB. A previous government auction to find buyers for the luxury ship, which is 300 feet long, failed.

The boat belongs to infamous financier Low Taek Jho, who faces money laundering charges in Malaysia for his alleged central role in the 1MDB scandal. He has denied any wrongdoing and remains at large.

Low said the boat sold for a “bargain-basement sale price” and criticized the government for docking it in the “hazardous” Port Klang environment in an emailed statement to Bloomberg through his spokesman.

Gentling is part of a global conglomerate that runs casinos, resorts and cruise lines across the globe. It said the purchase will help it stand out from its competitors. [Bloomberg] – Eddie Small


Related Articles

arrow_forward_ios
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Terreno Realty CEO W. Blake Baird and an aerial of the property (Google Maps)
Terreno Realty pays $44M for NJ industrial site
Terreno Realty pays $44M for NJ industrial site
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty’s altered plans for SI complex approved
Madison Realty’s altered plans for SI complex approved
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
PBC's Eli Elefant and 452 Fifth Ave (PBC)
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
SL Green CEO Marc Holliday, Chelsea Piers Fitness CEO David Tewksbury and One Madison Avenue (Getty, SL Green)
Chelsea Piers is coming to SL Green’s One Madison
Chelsea Piers is coming to SL Green’s One Madison
The Princeton Club flag in front of 15 West 43rd Street (Google Maps)
Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...