Friday 29 Mar 2024
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KUALA LUMPUR (Oct 19): 1MDB Energy Holdings Ltd and 1MDB Global Investment Ltd, the subsidiaries of 1Malaysia Development Bhd (1MDB), are the rightful owners of the superyacht Equanimity, the Kuala Lumpur High Court ruled today.

The judgment-in-default was made by judicial commissioner Khadijah Idris in her chambers after no one came forward to challenge the claim jointly made by the Malaysian government and 1MDB on Aug 6, according to news portal Malaysiakini.

It wrote that lawyer Sitpah Selvaratnam, who heads the government-appointed legal team to take ownership of the vessel, revealed the court's decision to reporters after attending today's proceedings.

Lawyer Ong Chee Kuan, who is also part of the team, said the court not only took account of the absence of any challenges to the government and 1MDB’s claims, but also the merits of their arguments.

“In admiralty (court), unlike normal processes where when you get a judgement-in-default, it is just an administrative thing, here the court actually goes through a judicious process of examining the proof, how strong the claim is and then decides that this is a fit case to enter judgement.

“That was the process that we went through yesterday and today. After being satisfied as being a well-founded claim, the court has entered judgement in favour of the 1MDB companies and the government,” Sitpah was quoted as saying.

She also said the defendants of the case were aware of today's proceedings as they had been served a notice two-and-a-half months ago, yet they did not file an appearance.

“It is not surprising because the claim and the evidence are overwhelming. They would have found it very difficult to deny the claim that 1MDB and the government own the ship,” she added.

With today's court decision, 1MDB will be able to collect proceeds of the urgent sale of the yacht, which it obtained the court's decision in August to go ahead with.

Burgess has been appointed the exclusive central agent for the sale of the US$250 million (approximately RM1 billion) Equanimity, which, according to the US Department of Justice's civil suits, was bought by fugitive businessman Low Taek Jho, better known as Jho Low, using funds siphoned from 1MDB.

Both local and international buyers have expressed interest in the vessel, according to both Ong and Sitpah. Bidding for the vessel will open at the end of this month, for one month. Bids would be unsealed by the court’s sheriff, who would determine the highest bidder, she added.

“So we will know by early-December what the genuine level of interest is,” Sitpah was quoted as saying. 

 

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