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Superyacht going cheap – 1MDB investigators auction off seized boat

The Thaiger & The Nation

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Superyacht going cheap – 1MDB investigators auction off seized boat | The Thaiger

The bidding process for the billion-baht superyacht ‘Equanimity’ will begin on Monday and run until November 28.

1Malaysia Development Bhd’s (1MDB) counsel Ong Chee Kwan has confirmed the matter after meeting High Court (Admiralty Court) Judicial Commissioner Khadijah Idris in chambers yesterday.

“Those who are interested to bid need to pay US$1 million as deposit,” he said.

Also present were counsel Jeremy Joseph and Senior Federal Counsel Alice Loke who acted for the government. The judgment came after its registered owner failed to appear in court to claim the vessel.

Besides 1MDB and the government, the other two plaintiffs are MDB Energy Holdings Limited and 1MDB Global Investment Limited, which are 1MDB subsidiaries.

On October 5, the same court granted an application by the four plaintiffs to appoint a central broker and an international appraiser to handle the sale of the Equanimity, which purportedly belongs to fugitive businessman Low Taek Jho or Jho Low.

This followed a decision on August 24 by the same court which granted an application by the four plaintiffs to sell the superyacht.

In the application filed on August 23, the four plaintiffs named the owner of the ship, Equanimity of Cayman Islands, as the defendant in a suit filed via the law firm of Jeremy Joseph and Partners.

In the notice of application, the four plaintiffs asked for the sale of the ship, bunkers, fuel, lubricants and other consumables on board to be conducted via public tender or private treaty by the Admiralty Court sheriff.

The superyacht was brought to Port Klang in Malaysia on August 7 after the Indonesian authorities handed it over to Malaysia and it was seized off Bali in February at the request of the US authorities as part of the corruption investigation launched by the US Department of Justice (DoJ) into 1MDB.

Superyacht going cheap - 1MDB investigators auction off seized boat | News by The Thaiger



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Southeast Asia

LATEST: Sri Lanka bombings

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LATEST: Sri Lanka bombings | The Thaiger

A wave of explosions rocked Sri Lanka up-scale hotels and churches on Easter Sunday around the capital Colombo. This is what we know…

• At least 215 people have been confirmed dead with up to 450 more injured in a series of bombings targeting churches holding Easter services and hotels in Sri Lanka. The toll is likely to rise during today or at least become more precise as officials tally information from emergency responders.

• Most of the dead are said to be Sri Lankans, but officials say up to 40 foreigners have lost their lives.

• Three UK nationals and two US-UK dual nationals were among the dead. One Dutch, one Chinese, one Portuguese and two Turkish nationals have been killed, their respective foreign ministries have confirmed.

• There were six initial blasts, at three hotels and three churches, before two more explosions some time later, at a guest house and housing scheme, with two people reported to have been killed at the former. A government minister says the last two blasts appeared to have been carried out by the culprits as they fled from police.

• No one has claimed responsibility for the attacks but Sri Lanka’s defence minister Ruwan Wijewardene claims the culprits have been identified and were religious extremists. He said suicide bombers were responsible for the majority of the morning’s bombings and that the wave of attacks was the work of a single group.

• Eight people are reported to have been arrested so far.

• The Sri Lankan government has issued a curfew and shut down social media and messaging services to prevent the spread of disinformation.

• Sri Lanka’s PM, Ranil Wickremesinghe, has condemned the “cowardly” attacks and urged people to remain “united and strong”.

• The archbishop of Colombo, Cardinal Malcolm Ranjith, called it “a very sad day” and is urging the government to identify the attackers and “punish them mercilessly because only animals can behave like that”.

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Southeast Asia

Mitsubishi testing their new regional jet

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Mitsubishi testing their new regional jet | The Thaiger

PHOTO: The Japan Times

Mitsubishi Heavy Industries’ new 88-passenger Mitsubishi Regional Jet is testing the skies just as rivals Embraer and Bombardier are moving to sell off their manufacturing operations for jets with up to 160 seats to Boeing and Airbus.

At stake, particularly in the market for jets with fewer seats, is US$135 billion in sales in the two decades through 2037, according to industry group Japan Aircraft Development.

More cities in Asia and Europe are seeking to link up with each other and the Mitsubishi Regional Jet, the first airliner built in Japan since the 1960s, began certification flights last month in Moses Lake, Washington.

With fewer seats and smaller fuselages, regional jets are a different class of aircraft from larger narrow-body planes such as Boeing’s 737 or Airbus’s A320. The MRJ has a range of about 3,220 kilometres. The seating is 2+2 instead of 3+3 in a small Airbus or Boeing single-aisle jet.

After spending at least US$2 billion over more than a decade, the manufacturer is looking to get its jet certified and start deliveries to launch partner ANA Holdings.

Mitsubishi initially planned test flights in 2012 but blew past that deadline because of production difficulties. Now, the company, which makes ships, nuclear power plants and aerospace components, expects to have the plane ready for customers next year, a timetable that will test the company, said Mitsubishi Aircraft president Hisakazu Mizutani.

Mitsubishi Heavy is not the only Asian manufacturer betting that it can build aircraft cheaper and more efficiently. Commercial Aircraft of China (Comac) has a new regional jet in service, while Korea Aerospace Industries is studying whether to develop a 100-passenger aircraft.

“The aviation market in Asia is expected to grow further in the coming years and there will be demand for these aircraft,” said analyst Lee Dong-heon at Daishin Securities in Seoul.

“The shift in the regional aviation segment we have seen over the last year or so has opened opportunities.”

“The MRJ is fully capable of competing in the market.”

Mitsubishi testing their new regional jet | News by The Thaiger

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North East

Opening of a rail service between Thailand and Cambodia in Sa Kaew

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Opening of a rail service between Thailand and Cambodia in Sa Kaew | The Thaiger

The Thai PM Prayut Chan-o-cha is leading a delegation to officiate at the opening of a new rail service between Thailand and Cambodia at Klong Luek railway station in Sa Kaew province. The Thai government funded the maintenance and restoration of the two kilometre rail track between Klong Luek station and Poipet station in Cambodia.

Rail services between Thailand and Cambodia were suspended for decades due to strained relationships between the two countries since the Cold War era. Although the relationship is much better these days there was little interest in the restoration of the rail link as people in both countries tended to prefer travel by road.

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