JPMorgan forces sale of Russian oligarch's megayacht & More Latest News Here – Up Jobs

 

The Axioma was impounded by the Gibraltar authorities in March after JPMorgan said its alleged owner Dmitry Pumpyansky had reneged on the terms of a $20 million loan.

The 72.5-meter vessel was auctioned by the Gibraltar Admiralty Court through a system of closed bids to be sent electronically by midday on Tuesday, a court spokesman said. The court added that 63 bids had been submitted for consideration, with the selection process expected to take 10 to 14 days.

There was an “unexpected late surge by prospective buyers” around the world for the vessel, Nigel Hollyer, broker to the Admiralty Marshal of the Supreme Court of Gibraltar who led the auction, told the Guardian newspaper last week.

The boat sleeps 12 people in six cabins and boasts a swimming pool, a spa, 3D cinema and water sports equipment.

According to court papers reviewed by Reuters, JPMorgan (JPM) lent 20.5 million euros to British Virgin Islands-listed Pyrene Investments Ltd which was owned by Furdberg Holding Ltd. Furdberg’s owner was Pumpyansky, who acted as guarantor for the loan.

The papers said Pyrene Investments defaulted on the loan terms after Pumpyansky on March 4 transferred his shares in Furdberg to a third party and was then sanctioned, blocking the repayment of the loan.

The 58-year-old, who has an estimated fortune of $2 billion according to Forbes magazine, was sanctioned by Britain and the European Union shortly after the invasion of Ukraine.

Pumpyansky was until March the owner and chairman of steel pipe manufacturer, a supplier to Russian energy company Gazprom. The company said he had since withdrawn from the firm.

The Axioma is the first seized luxury yacht known to be auctioned since the West imposed sanctions on powerful Russians following the February invasion of Ukraine.

Watershed

Sources close to the process told Reuters JPMorgan would only claim the 20.5 million euros owed and that any further proceeds from the sale would be up to the court to disburse.

Scores of yachts and houses linked to Russian oligarchs have been seized by world governments since the invasion. British and American authorities have said they would seek to send the proceeds of sold assets to Ukraine.

A Gibraltar government source said the money would likely be frozen rather than handed to anyone other than the oligarch.

A spokesman for JPMorgan declined to comment.

James Jaffa, a lawyer for British firm Jaffa & Co which specializes in yachts and who had represented the Axioma before it was seized, said the vessel was likely to sell for “way below” 20 million euros.

After the auction, he said, the ship broker, crew wages, the shipyard and maintenance would need to be paid ahead of the bank.

A successful sale would, nonetheless, be a “benchmark” for other banks looking to recoup losses by auctioning the repossessed property and other assets of sanctioned oligarchs.

“Axioma will be a watershed moment for assets that have bank financing against them because all the other banks will realize that the asset can be sold and that they can get some or all of their money back,” he said.

He stressed, however, that assets without financial claims against them which were seized by governments because of sanctions alone would be harder to sell.

JPMorgan forces sale of Russian oligarch’s megayacht & Latest News Update

I have tried to give all kinds of news to all of you latest news today 2022 through this website and you are going to like all this news very much because all the news we always give in this news is always there. It is on trending topic and whatever the latest news was

it was always our effort to reach you that you keep getting the Electricity News, Degree News, Donate News, Bitcoin News, Trading News, Real Estate News, Gaming News, Trending News, Digital Marketing, Telecom News, Beauty News, Banking News, Travel News, Health News, Cryptocurrency News, Claim News latest news and you always keep getting the information of news through us for free and also tell you people. Give that whatever information related to other types of news will be

JPMorgan forces sale of Russian oligarch’s megayacht & More Live News

All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get

all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue

to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.

JPMorgan forces sale of Russian oligarch’s megayacht & More News Today

All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward

Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links

Get Original Links Here????

Tinggalkan Balasan

Alamat email Anda tidak akan dipublikasikan. Ruas yang wajib ditandai *