The house always wins: Genting confirms bargain buy of floating monstrosity ‘Equanimity’

The Cayman Island-registered vessel Equanimity, which is reportedly worth some 250 million USD and is owned by Jho Low, a former unofficial adviser to the Malaysian fund 1MDB, is pictured at Benoa harbour in Bali on April 13, 2018. AFP PHOTO / Sonny Tumbelaka
The Cayman Island-registered vessel Equanimity, which is reportedly worth some 250 million USD and is owned by Jho Low, a former unofficial adviser to the Malaysian fund 1MDB, is pictured at Benoa harbour in Bali on April 13, 2018. AFP PHOTO / Sonny Tumbelaka

Bidding has closed, and the gavel has come down in deciding that of Malaysia’s most well-known super yacht, Jho Low’s floating monstrosity of excess, Equanimity. Turns out that Malaysia’s courts didn’t have to look very far when looking for the boat’s buyers – they were right here in our own backyard: Genting Malaysia Bhd paid a cut-rate US$126 million (RM515 million) to become the ship’s title owners.

The Genting Malaysia group is involved in gaming, hotel, and resort-related enterprises around the world.

Previous estimates had valued the boat, that includes a nightclub, helipad, swimming pool, and perhaps a sweat stain that may or may not have been made by Miranda Kerr, at US$250 million. It is currently being docked on Langkawi island, on Malaysia’s northwestern coast.

Malaysia’s Attorney General Tommy Thomas confirmed the rumors today, saying that Genting’s offer had been approved under the terms and conditions of set by the Admiralty Court that is handling the sale.

“The USD$126mil purchase price will be paid by Genting and received by Court by the end of April 2019.

“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 earlier today.

 

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