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The Finance Ministry plans to sell off the super yacht ‘Equanimity’ which is reported to arrive in Malaysia tomorrow. Pic by NSTP/EMAIL

KUALA LUMPUR: The Finance Ministry plans to sell off the super yacht ‘Equanimity’ which is reported to arrive in Malaysia tomorrow.

Its Minister Lim Guan Eng said the ministry was eyeing to dispose of the vessel at the highest price to enable Malaysia recover some US$250 million (RM1 billion) – the vessel's reported price tag.

“It (the yacht) will be under the custody of the government of Malaysia. The ministry's concern is to get the best value for the ship.

“If we leave it (just like that), every day you've got to pay maintenance costs and you'll get to see the asset deteriorate, diminish and depreciate,” he told reporters at Parliament lobby today.

Lim said Attorney-General Tommy Thomas would prepare the relevant documents so that proper controls could be imposed over the super yacht.

He noted that the luxury yacht would be displayed to the public before being sold off.

“We hope the public can view it. Probably not the entire ship, at least a portion of it," he said.

Prime Minister Tun Dr Mahathir Mohamad today thanked Indonesian President Joko Widodo and the Indonesian government for their assistance in handing over the 'Equanimity’, which the Indonesian authorities had seized, to Malaysia.

The super yacht is reported to be owned by fugitive Malaysian businessman Low Taek Jho, also known as Jho Low.

It was impounded in Bali in February but in April an Indonesian court ruled that the yacht should not have been seized and should be returned to its owners. However, the Indonesian government seized it again in July.

It was reported that the Indonesian government had agreed to hand over the yacht to Malaysia. It is now believed to be making its way to this country. – BERNAMA

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