The first luxury yacht seized by an oligarch has now been seized: Russian billionaire Dimitri Pumpianski’s luxury ship “Axiom” changed hands for about 39 million euros (37.5 million dollars). Gibraltar authorities want to use the proceeds from the auction to compensate the oligarch’s creditors.
A total of 63 bids were received for the “Axiom” – a 72m luxury yacht sailing under the Maltese flag. An additional payment of $505,000 was agreed for ship supplies and onboard wine and alcohol supplies.
Bank has filed a lawsuit
It was seized by British authorities in southern Spain in March after a lawsuit was filed by US bank JP Morgan. In December 2021, the bank provided a loan of 20.5 million euros to a company registered in the British Virgin Islands. Among the owners of this company was a Cypriot company, which in turn was owned by Pumpianski.
Loan not repaid
JP Morgan considered Pumpianski’s inclusion on the UK sanctions list against Russia as a breach of the loan agreement. Therefore, the bank in Gibraltar requested the seizure and sale of the yacht. JP Morgan demands that the proceeds from the sale be used to repay the loan.
Pumpianski is the boss of the largest Russian pipeline manufacturer TMK. That is why there are also EU sanctions against him in connection with the Russian war of aggression against Ukraine. Due to the war in Ukraine, several European countries, including Spain, Italy and France, have seized yachts owned by Russian oligarchs.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
