The first luxury yacht seized over the Russian attack on Ukraine goes under the hammer in Gibraltar. The interest was probably unexpectedly high.
Gibraltar – The first luxury yacht confiscated in Europe because of the Ukraine war will be auctioned. The ship of the Russian entrepreneur Dmitry Pumpyanskij is going under the hammer by order of the High Court of Gibraltar in the British Overseas Territory.
The Axioma was seized in March after US bank JP Morgan said owner Pumpiansky had failed to repay a €20 million loan. The 72.5 meter long ship will be auctioned by the Admiralty Court in Gibraltar, the bids had to be submitted electronically by Tuesday noon. There was an “unexpectedly late wave of prospective buyers,” said Nigel Hollyer, head of the auction, to the British Guardian last week. The buyer is not yet publicly known.
Luxury yacht “Axioma” is auctioned: Boat was rented for 550,000 euros per week
The yacht can accommodate twelve people in six cabins. She features a swimming pool, jacuzzi, spa, 3D cinema, multiple jet skis and room for an additional 20 crew members. Owner Pumpjanskij rented the luxurious ship for almost 550,000 euros per week, plus expenses.
Some governments, including the UK government, have in the past called for the proceeds from the confiscated assets to be used to help Ukrainian refugees. In the case of the Axioma, however, it is expected that the money raised will go to JP Morgan. However, experts do not expect that the 20 million that Pumpiansky owes the bank will be reached.
Pumpyansky was the owner and chairman of the steel pipe manufacturer OAO TMK, a supplier to the Russian state-owned energy company Gazprom. According to the company, he has since retired from the company. The 58-year-old Russian, who has an estimated fortune of £1.84 billion, has been sanctioned by the UK, EU and US. (fmu)
