Live news updates: Russian oligarch’s seized superyacht auctioned to repay JPMorgan loan


The first superyacht seized from a sanctioned Russian oligarch following Russia’s invasion of Ukraine has been bought after attracting 63 bids at an public sale in Gibraltar, the auctioneers mentioned.

Axioma, a luxurious 236-foot vessel belonging to Russian billionaire Dmitry Pumpyansky, was bought by order of Gibraltar’s Admiralty Court to repay JPMorgan for a €20.5mn loan tied to the vessel.

The yacht, with an estimated worth of €55mn-€60mn, was impounded in Gibraltar in March, a small British territory on the entrance to the Mediterranean, as authorities all over the world seized luxurious vessels belonging to sanctioned Russians.

Pumpyansky, the previous proprietor of OAO TMK, Russia’s largest metal pipe maker, had sanctions imposed on him by the EU and the UK in March, when British authorities described him as one of many oligarchs closest to Russian president Vladimir Putin. The UK estimated his web value at £1.84bn.

The public sale attracted 63 sealed bids by Tuesday’s deadline, mentioned Nigel Hollyer, a dealer with Howe Robinson. In session with Gibraltar’s Admiralty Marshal, a last resolution on the successful bid is anticipated to be reached by Monday, however the identification of the brand new proprietor won’t be disclosed, Hollyer added.

The Axioma, initially named Red Square, incorporates a glass elevator, an infinity pool and a 3D cinema, amongst different facilities. It was beforehand obtainable for constitution for up to €635,000 every week.

According to court docket paperwork cited by Reuters, JPMorgan gained a court docket order in Gibraltar permitting for the sale of the yacht after Pumpyansky failed to repay a €20.5mn loan made to an funding firm he owned.

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