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Malaysia launches sale of superyacht linked to graft scandal

Malaysia's government has launched a one-month auction for a luxury yacht bought with money stolen from the multibillion-dollar looting of a state investment fund

AP Reported by: AP
Published on: October 29, 2018 8:45 IST
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Image Source : AP Malaysia launches sale of superyacht linked to graft scandal

KUALA LUMPUR, Malaysia (AP) — Malaysia's government has launched a one-month auction for a luxury yacht bought with money stolen from the multibillion-dollar looting of a state investment fund.

The sale that began Monday came nearly three months after Indonesia returned the $250 million yacht, Equanimity, after seizing it off Bali in February in cooperation with the U.S. FBI. The U.S. Justice Department, one of several foreign agencies investigating a massive graft scandal at the 1MDB fund, had listed the yacht among the assets it could seize and sell to recover stolen funds.

Ong Chee Kwan, a lawyer for 1MDB, says the government has opened bids for the yacht following a lengthy court process. Once the auction ends Nov. 28, he said Monday the government could make a decision on the sale within a week.

Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.
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