06 Aug 2018
AP — Indonesia is returning a luxury yacht allegedly bought with funds stolen from a Malaysian state investment company after a monthslong legal battle, a police official said Sunday,
The $250 million Equanimity is on its way to a border location where it will be transferred to Malaysia, said Daniel Silitonga, deputy director of economic crimes at Indonesia’s national police. He said the yacht is currently near Batam island close to Singapore, but declined to say when or where the transfer will happen.
Indonesian police working with the FBI seized the yacht off Bali in February but faced a legal challenge from a Cayman Islands company registered as its owner.
The U.S. Justice Department, one of several foreign agencies investigating the alleged multibillion dollar looting of the 1MDB state fund by associates of former Malaysian Prime Minister Najib Razak, had listed the yacht among the assets it could seize and sell to recover stolen funds.
“We will hand over the yacht soon,” Silitonga said. “Special arrangements have been made by the two countries based on good relations.”
At the time of the seizure, Malaysia was not cooperating with international investigations into 1MDB. But the massive corruption scandal in May led to the electoral defeat of Najib, who is now facing charges.
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet