Genting's emergence at tail-end of the 1MDB scandal isn't its first encounter with beleaguered state fund.
Putrajaya can now breathe a sigh of relief after it received a US$126 million offer in the auction for the superyacht Equanimity, which was only US$4 million shy of the minimum price it was seeking.
The Pakatan Harapan-led government had embarked last year on an attempt to recover and dispose of assets allegedly acquired using stolen 1MDB funds. However, it risked embarrassment with the superyacht commissioned by businessperson Low Taek Jho, purportedly using money diverted from the state fund.the vessel, Putrajaya found itself with a problem.
The Genting Group's US$126 million offer put those concerns to rest. The current value of the vessel is unclear, considering depreciation and repair cost, but Low was believed to have spent around US$250 million when he commissioned the building of the Equanimity in 2014. Genting's emergence at the tail-end of the 1MDB scandal was not the first time it had crossed paths with the state fund. The conglomerate was also involved with 1MDB in its early days, when the alleged misappropriation at the state-owned company was not yet apparent.In March 2012, news began to emerge that 1MDB was buying Genting's power assets in Kuala Langat, Selangor for RM2.34 billion, despite its concession nearing expiry...
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