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Seized Superyacht Linked to 1MDB Probe Arrives in Malaysia

A $250 million superyacht, impounded as part of a hunt for assets linked to the multi-billion dollar investigation into 1Malaysia Development Bhd, arrived at a port in Malaysia on Tuesday about six months after it was seized.The Cayman Islands-flagged Equanimity was first seized in the Indonesian holiday venue of Bali in February at the request of U.S. authorities investigating 1MDB.The Malaysian state fund is at the center of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore.

Equanimity (File photo: Oceanco)

Luxury Yacht Seized in Money Laundering Probe

Indonesian police on Thursday questioned the captain and crew of a luxury yacht in Bali at the request of U.S. authorities, probing alleged money laundering at a Malaysian state fund, they said. The yacht was impounded in Bali on Wednesday amid a multi-billion dollar corruption investigation launched by the U.S. Department of Justice (DOJ) and tied to Malaysian state fund 1Malaysia Development Berhad (1MDB). Police seized the yacht, Equanimity, after receiving a letter on Feb. 21 from the U.S.

Terranova 85 (Photos: Dahm International)

Terranova, Dahm Settling a New Dealership

Europe-wide exclusive sales representation for new build explorer motor yachts. Dahm international, member of the DEUTSCHE YACHTEN, Superyachts Germany working group, and Terranova Italian Yachts have announced their newly agreed Europe-wide exclusive sales representation for new build explorer motor yachts from 68‘ to 115‘. Both companies are recognized for their commitment and passion for super yachts and yachting. In April 2015, Terranova was taken over by new owners and re-named Terranova Italian Yachts, a 100 percent Italian company continuing its path and further improvements.

Volvo Ocean Race Partners with Yacht Racing Forum

The Volvo Ocean Race has agreed a three-year partnership with the Yacht Racing Forum. "We are delighted to welcome the Volvo Ocean Race as a long-term partner,” said Bernard Schopfer, the event’s CEO. "We have been working hard at developing a new structure for the Forum, with a new team of dedicated people, new partners, a beautiful venue and an exciting programme. Knut Frostad, the outgoing CEO of the Volvo Ocean Race, has been an avid supporter of the Yacht Racing Forum since its debut in Monte Carlo in 2008. He will once again be a speaker at this year's conference…

Garmin to Acquire NZ’s Fusions Electronics

Satellite navigation systems provider Garmin says it has entered into an agreement to acquire substantially all of the assets of Fusion Electronics Limited and its subsidiaries. Fusion is a privately-held provider of integrated marine audio equipment, headquartered in Auckland, New Zealand. The completion of the acquisition, which is subject to customary conditions, is expected to occur on June 30, 2014. “Fusion has pioneered a number of innovations in marine audio. Their ability to integrate their products with networked marine multifunction displays has been recognized across the industry,” said Cliff Pemble, Garmin’s president and CEO.

Photo courtesy of TIWAL

High Performance Dinghy Wins Design Award

The TIWAL 3.2, a high performance inflatable sailing dinghy has won the Red Dot: Best of the Best Award 2014 for its groundbreaking design. The product was amongst 4,815 entries in one of the world’s largest and most renowned product competitions. The 40-member expert jury judged thousands of products from 53 countries, over several days; the TIWAL 3.2 secured the highest distinction in product design, the Red Dot: Best of the Best. This ceremony will be held on 7th July 2014, in front of 1,200 guests at the Aalto-Theater in Essen, Germany.