Najib to face new charges

The yacht is expected to arrive in Port Klang tomorrow afternoon

Mahathir said any claimants to the yacht should provide proof that it belonged to them, and where they got the money to pay for it.

The US Department of Justice has said more than $4bn was misappropriated by high-level officials from the fund and their associates.

Funds were allegedly transferred from SRC International, a former subsidiary of 1Malaysia Development Berhad (1MDB), into Najib's personal account.

A luxury yacht allegedly bought with money stolen from the multibillion-dollar looting of a state investment fund arrived Tuesday at a Malaysian port.

Among the assets sought is Equanimity, cited as a 92-metre yacht bought by Malaysian financier Low, named as a key figure in the USA lawsuits.

"I am happy that the Equanimity yacht has been delivered to Malaysia by the Indonesian authorities".

"We would like to express profound gratitude to the Governments of Indonesia and the United States, especially the Republic of Indonesia Police (POLRI), in extending cooperation and collaboration to enable this to be accomplished", he said.

"The vessel would be docked in Batam, waiting for further instructions from Jakarta on when it would be handed over to the Malaysian authorities", the source said.

It is learnt that the yacht has been sighted off the coast of Pengerang, Johor, as it rounded Singapore to head towards Port Klang.

MACC sources earlier confirmed that the former prime minister will have a new set of charges arrayed against him.

"We have to maintain the good relations between the two countries", he said.

The 92m Cayman Islands-registered super yacht was first confiscated off the coast of Bali by Indonesian authorities in February. However, the Indonesian government seized it again in July.

Low, through a spokesman from his legal team, has described the handing over of the yacht to Malaysia as illegal and politically motivated.

Low, who has so far evaded investigators, issued a statement through his U.S. lawyer on Monday protesting the handover of the yacht as an "illegal act" for ignoring court proceedings in the United States.

"The action of the [Dr] Mahathir government in illegitimately taking this asset shows just how quickly the rule of law disappears in [Dr] Mahathir's regime", the statement read.

This article first appeared in The Edge Financial Daily, on Aug 7, 2018.

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