More than 60 bids were received for the seized super yacht Axioma during the auction in Gibraltar on Tuesday, August 23.

Nigel Hollyer, a partner at Howe Robinson Partners, said that a decision on the auction winner will be made as late as next week.
“We may well find the right buyer amongst the paperwork but we have to sort out due diligence documents and KYC (Know Your Customer) documents first, so I don’t think there’ll be any positive results until the end of this week. Maybe not even till the beginning of next week,” he told

The auction was initiated by JP Morgan. The yacht’s Russian owner – reported to be Dmitry Pumpyansky – was not able to make payments due to sanctions, and on top of that the yacht itself was sanctioned.

Americans were allowed to bid following the intervention of the US Office of Foreign Assets Control (OFAC).

Mr Hollyer added: “Any surplus after JP Morgan’s mortgage has been paid off and the cost of arrest will go into an account at the Supreme Court of Gibraltar, and frozen until the sanctions are sorted. It’s not going to Ukraine because the law doesn’t allow it. It is going to be put into an account and frozen.”