A Russian oligarch's seized $75 million superyacht will be first up for auction, report says
A superyacht belonging to Russian tycoon Dmitry Pumpyansky will be the first seized. vessel to be auctioned following an order from Gibraltar's supreme court.said in a videoIn most cases, authorities cannot sell a seized superyacht without going through legal battles, saddling them with running and maintenance costs that canJPMorgan was involved in the seizure of the vessel in March after Pumpyansky became subject to western sanctions.
Although the $75 million superyacht is owned by the Russian billionaire, it is run by an management company called Pyrene Investments, according to eSysman Superyachts. JPMorgan had lent $22 million to Pyrene Investments and Pumpyansky's inclusion on the sanctions list meant that the loan agreement was breached, according toPumpyanksy made his fortune in the oil and gas industry. He joined forces with Sergei Popov and Andrei Melnichenko to acquire pipe conglomerate TMK before buying them out in 2006. TMK has supplied Russia's state-owned gas company Gazprom since 1998.
Turkey has been a favored destination for superyachts as Ankara hasn't sanctioned Russia, meaning that oligarchs' assets are safe from seizure in its waters. A $156 million superyacht owned by sanctioned billionaire Andrey Skoch, one of the richest members of the Russian Duma, wasSign up for notifications from Insider! Stay up to date with what you want to know.
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