Maltese Court Resets Auction for 95M Superyacht Indian Empress: The abandoned superyacht Indian Empress has another auction date in Malta, following action by courts there. After the original winner failed to pay the €43.5 million bid in time, interested parties will now have an additional shot at owned the 95-meter superyacht with the sale schedule for September. All participating visitors, however, will need to pay a €1 million deposit 48 hours before the auction date.
Credityacht, the previous winning bidder that reportedly represented an Iranian buyer, has been banned from the rebidding. This comes following Credityacht’s request for a 15-day extension of the original July 5 deadline, which the Maltese court denied. While maritime workers union Nautilus International agreed to the extension, other creditors, including Barclays, did not.
At least six bidders registered for the original auction on June 28 where bidding began at €25 million. Only three bid during the auction.
Danny McGowan, Nautilus organizer, indicated that the union was pleased to see the law being stringently applied, despite the request for an extension.
Following the refusal to extend the deadline, Indian businessman Vijay Mallya, who was accused of abandoning Indian Empress in September 2017, stated that he was not the owner of the superyacht, having sold it in 2011 to an unidentified Middle Eastern businessman who had allegedly allow Mallya to use the vessel one month per year. Mallya purchased Indian Empress in 2006 for $113 million USD.
Originally built by Oceanco in 2000 for a member of the royal Qatari family, Indian Empress had a major refit in 2016 totalling €6.4 million, with the previous interior of deep red and rich gold colors and ornate gilt-work and traditional carpeting swapped out for contrasting woods, pale neutrals and large artwork. She has also been a popular charter yacht with accommodation for up to 12 guests and 30 crewmembers in a 3,176GT interior.
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