The 72-metre Axioma is likely to be the first seized super yacht to be auctioned, with the sale planned for August 23.
Supposedly worth $75 million, she will be sold with no reserve by the Admiralty Court in Gibraltar. She was built by Dunya Yachts in Turkey with the project name of Red Square.
According to superyachttimes.com, a website dedicated to the sale “is expected soon.”
The beneficial owner of the vessel is reportedly Dmitry Pumpyansky, an oligarch on the EU sanctions list and a shareholder in Pyrene Investments.
When Pyrene took out a $22 million loan from JPMorgan Chase & Co, Pumpyansky was the only shareholder. As he was on the sanctions list it was illegal for the US bank to accept any repayments. It is JPMorgan Chase & Co that is pursing its debt, rather than a sovereign state.
“JPMorgan is acting pursuant to its mortgage rights,” a spokesperson for the Gibraltar government told Business Insider.
PHOTO: Axioma Dunya Yachts