Genting has fully paid $170m for superyacht once owned by Jho Low

Genting Malaysia Bhd said in April last year it was buying the superyacht that had been seized by the Malaysian government. Genting renamed the vessel Tranquility. PHOTO: REUTERS

PUTRAJAYA - Genting Malaysia Bhd has paid in full the US$126 million (S$170 million) for a superyacht once owned by fugitive financier Jho Low, said Malaysia's Attorney-General Tommy Thomas on Friday (Jan 10).

The amount was fully paid into a specially-opened 1MDB account, Mr Thomas was quoted by Bernama news agency as saying.

He said Genting paid the full purchase price to the Malaysian government within the specified period of time.

In April last year, the company announced it was buying the superyacht named Equanimity that had been seized by the Malaysian government.

Genting renamed it Tranquility.

"The entire episode, from the time the yacht sailed into Malaysian waters in August 2018 and arrested pursuant to an order of the Admiralty Court to its ultimate sale by private treaty, was implemented according to the highest standards of maritime law, on par with every reputable legal system," Mr Thomas said in his speech at the opening of Legal Year 2020, as quoted by Bernama.

"Everyone involved in the administration of justice should be proud of the law's contribution in acquiring a national asset for the public good," he said.

The vessel was reported to have been bought by Low, who is widely believed to be hiding in China, for US$250 million, allegedly using money looted from Malaysian state fund 1MDB.

Mr Thomas, as quoted by the Malaysian news agency, said the Sheriff's commission for the private treaty sale of the vessel - in excess of RM6.4million (S$2.12 million) - was paid in December 2019. The sum was a record in Malaysia's legal history.

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