The Malaysian government has agreed to sell luxury yacht Equanimity (IMO 1012086) to casino operator Genting Malaysia, which will use it to entertain valued customers.
The yacht was seized from fugitive financier Jho Low off the coast of Bali as part of a global investigation into the 1MDB state investment business.
The yacht fetched $126m, considerably less than Jho Low paid for it a few years ago, allegedly with embezzled funds.
Malaysia had attempted to sell the yacht at auction but failed to obtain the $130m reserve price. The government claimed that it was tainted by its association with the scandal, but Jho Low said that the government had not looked after the yacht correctly, causing a deterioration in its state.
The sale was the largest single recovery of the $4.5bn allegedly siphoned from the 1MBD fund.