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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
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