KUALA LUMPUR - The yacht allegedly bought with money stolen from state investment fund 1Malaysia Development Berhad and once used by fugitive Malaysian businessman Jho Low to host lavish parties will be sold to casino operator Genting Malaysia Bhd for US$126 million .
"This will rank as the highest recovery to date for the Government of Malaysia from the 1MDB scandal; within a mere eight months from the commencement of this action." The luxury vessel is among assets allegedly bought by Low, also known as Low Taek Jho, and his associates with money taken from the fund, United States and Malaysian officials have said.
The government has so far spent RM14.5 million to maintain Equanimity, which is currently docked at the Royal Malaysian Navy's Region 3 headquarters in Langkawi, Malaysian media has said. "As the Genting offer was negotiated directly with the Government of Malaysia, no agency commission is payable; resulting in savings of about US$4.4 million," he said.
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Source: The Straits Times - 🏆 8. / 63 Read more »