The Guardian named the date of sale at auction of Pumpyansky’s arrested yacht
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Gibraltar is preparing to auction the delayed yacht of Russian businessman Dmitry Pumpyansky, the funds will be used to pay off the entrepreneur’s debt to JP Morgan, informed newspaper The Guardian.
Gibraltar’s £65m Axioma yacht will be sold by the Gibraltar government on Tuesday 23 August.
However, the 72.5-meter Axioma is being sold not in the interests of the Ukrainian people, but for the American investment bank JP Morgan, which claims that billionaire yacht owner Dmitry Pumpyansky owes her more than $20 million (£17 million),” the newspaper writes. .
Earlier, the government of the UK and other countries suggested that the assets of the former beneficiary of the Pipe Metallurgical Company (Tube Metallurgical Company), which fell under the sanctions (TMK) of Dmitry Pumpyansky could be confiscated and used to help Ukrainian refugees. According to the newspaper, the yacht was detained after a lawsuit by JP Morgan. It alleged that Pumpyansky’s holding company, Pyrene Investments, owed the bank more than $20 million. The bank claimed that the fact that the businessman was under sanctions meant violations of the terms of the loan. JP Morgan asked the Gibraltar courts to detain and sell the yacht.
According to The Guardian, Axioma among the detained or confiscated yachts subject to restrictions of businessmen, is the only one that was put up for sale.
The ship, which has six guest cabins, a swimming pool, 3D cinema, gym, jacuzzi and spa, was delayed after docking in Gibraltar in March. Its owner came under British sanctions amid the situation in Ukraine. Sanctions imposed by the kingdom are automatically applied to all territories belonging to it. Gibraltar has also banned entry to its waters for any vessel associated with Russia or people subject to restrictions.
At the end of June, Business Insider, citing a court decision, announced the upcoming sale of Axioma at auction. According to the publication, the decision to sell the yacht is associated with high operating and maintenance costs, which can amount to 10-15% of the value of the vessel per year. The publication estimated the cost of the yacht at $75 million.
In May, Pumpyansky filed a lawsuit to the European Court challenging its inclusion in the EU sanctions lists.
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