The White House is developing faster procedures for asset seizures, as superyachts “Scheherazade” and “Amadea” are officially impounded.
that existing laws concerning asset seizures are not straightforward. “The current situation is unprecedented,” said Benjamin Maltby, partner at Keystone Law in the UK and an expert in yacht and luxury-asset law.
“The United States and Western countries have considerable authority to seize property, but less authority to keep it,” added Jonathan Turley in“The reason is that, unlike Russia, these countries are bound by property rights and rules of due process.” Even the power to seize can be complicated. After the court in Fiji last week ruled that the US could move ahead with the seizure process ofa higher court there today “paused” the procedure and set a hearing on Thursday for a company that claims to own the yacht.But the White House has proposed a plan that would make it easier and faster for US authorities to go after the assets of oligarchs through an administrative procedure.
The new procedure will provide adequate due process for the owners while also creating an “expedited” review by a federal court. It would also effectively change the way the government-asset seizures work. “The idea of a yacht or jet valued in the hundreds of millions seized and liquidated administratively is new territory,” Franklin Monsour Jr.
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