M/Y Equanimity Named in Asset Investigation

The 91.5-meter M/Y Equanimity has been named in a U.S. Department of Justice (DoJ) lawsuit that could result in up to $1.7 billion worth of assets seized.

The DoJ filed suit in Los Angeles in an effort to recover money allegedly stolen from the Malaysian sovereign wealth fund 1MDB, The Financial Times reports. Between 2009 and 2015, the suit alleges, an estimated $4.5 billion was stolen by Malaysian public officials and their associates, including Jho Low, a local businessman and owner of M/Y Equanimity. Also reportedly involved is Malaysian Prime Minister Najib Razak.

Both Razak and Low have denied any misconduct, with Low telling The Financial Times, “the U.S. Department of Justice’s latest move continues its inappropriate efforts to seize assets despite not having proven that any improprieties have occurred. This week’s activity from the DoJ is a further example of global over-reach in pursuit of a deeply flawed case.”

The Malaysian government plans to cooperate with the investigation, The Financial Times reports.

According to the BBC, the DoJ investigation has spurred investigations in at least five countries, including Singapore, Hong Kong, and Switzerland.

The BBC reports that the assets under investigation include a Picasso painting, a luxury apartment in New York, and jewelry. The money was also used to finance several Hollywood movies, including The Wolf of Wall Street and Dumb and Dumber To.