September 28, 2022

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Russian luxury yacht auctioned for the first time (because the oligarch cannot repay the loan)

Russian luxury yacht auctioned for the first time (because the oligarch cannot repay the loan)

A luxury yacht formerly owned by sanctioned Russian businessman Dmitry Pampinsky will be auctioned on Tuesday. It happens because the businessman failed to repay a loan to the US bank JPMorgan Chase. This can be read on the How Robinson Partners website.

source: telegraph

It is the first public auction since Russia invaded Ukraine for a luxury yacht. Since the beginning of the war, Western authorities have urged a halt to the worldwide hunt for wealthy Russians. Wealthy Russians with close ties to President Putin, to be exact.

Gibraltar authorities confiscated the luxury yacht Axioma in March. The price of the converted ship will be 74 million euros. According to the BBC, the yacht is expected to sell for a lower price. The British broadcaster does not specify where he got the estimated value from.

© Reuters

JPMorgan previously fought a successful legal battle over the sale of the vessel. That fight erupted after Pumpianski failed to pay part of a $20.5 million outstanding loan to Axiom.

The yacht has a swimming pool and a 3D cinema. According to the auction house, the ship “attracted a huge number of people.” For example, approximately 115 requests for information were received. Dozens of potential buyers would have examined the ship in detail.

(weaver)

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