Billionaire’s Superyacht Seized In Gibraltar

Gibraltar has impounded a Russian billionaire’s Bermuda-registered superyacht because the German shipbuilder says he still owes 15.3m euros [$16.3 million] in fees, according to a story by the BBC.

The luxury vessel is owned by Andrey Melnichenko, who is the 139th richest man in the world according to Forbes, which states he is worth an estimated $13.2 billion.

The story said “Gibraltar has impounded a Russian billionaire’s superyacht – one of the world’s biggest – because the German shipbuilder says he still owes 15.3m euros [£13.3m; $16.3m] in fees. The claim has kept Andrey Melnichenko’s Sailing Yacht A stuck in Gibraltar, a British territory, since Wednesday.

“The Bermuda-registered vessel, built by Nobiskrug, left the Kiel shipyard in northern Germany two weeks ago. The superyacht, boasting a gross tonnage of 12,600, is reported to have cost at least €400m.

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“According to documents seen by Germany’s NDR news, Nobiskrug is demanding an outstanding payment of €9.8m, as well as €5.5m for subcontractors and interest charges. Valla Yachts Ltd, a Bermuda company, is the yacht’s registered owner.

Gibraltar court official Admiralty Marshal Liam Yeats, told the BBC, ”The vessel is under arrest and is currently at anchor in British Gibraltar Territorial Waters.”

A spokesman for Mr Melnichenko described it as “a technical problem,” and told the BBC, “We are confident that the yacht will be handed over to the owner’s project team in the coming days and this unfortunate episode will be over.”

According to Yacht Harbour, a judge has now approved the release of the yacht from Gibraltar.

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