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April 4, 2019

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Yacht at center of 1MDB scandal to be sold

Malaysia鈥檚 government said yesterday that a luxury yacht allegedly bought with money stolen from a troubled state investment fund will be sold to casino operator Genting Berhad for US$126 million, half its original price.

Attorney-General Tommy Thomas said the Admiralty Court approved the sale of the Equanimity, which has lavish amenities including a helicopter landing pad, plunge pool, gymnasium and a cinema. Genting will pay up by end of April, making it the 鈥渉ighest recovery to date鈥 for the government from the scandal.

US investigators say the US$250 million yacht was bought with funds diverted from the 1MDB fund by fugitive Malaysian financier Low Taek Jho, believed to be a key figure in the international laundering of US$4.5 billion from 1MDB. The yacht was seized by Indonesian authorities off Bali island last year.

(AP)


 

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