30 Oct 2018
A $250 million (£195 million) luxury yacht linked to a multi-billion dollar scandal at Malaysia’s state fund 1MDB has gone up for auction, a government lawyer said on Monday, the first sale of a major asset seized by investigating authorities.
The Equanimity is among $1.7 billion in assets allegedly bought by fugitive Malaysian financier Low Taek Jho, also known as Jho Low, and his associates with funds taken from 1MDB, the U.S. Department of Justice has said.
Malaysia and the United States are investigating how billions of dollars went missing from 1Malaysia Development Berhad (1MDB), with some of the money used to buy a private jet, Picasso paintings, jewellery, real estate and a superyacht.
– By Rozanna Latiff, Reuters, 29 Oct 2018.
Link to Reuters.
You can claim CPD minutes for reading this article, by signing up to our CPD WalletFREE CPD Wallet