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Buyer of Indian Empress has yet to pay winning bid

Market
Written by
Vivian Hendriksz

Indian Empress, the 95-metre superyacht that was sold in a court-ordered auction in Malta last Thursday, is still waiting to be transferred to her new owner. The winning bidder of the superyacht which was previously seized in Malta last September over unpaid maritime wages has yet to deposit the purchasing price of €43.5 million.  Indian Empress in Roquebrune Cap Martin Photo: Aurélien Herman / SuperYacht TimesAnn Fenech, managing partner of Fenech & Fenech Advocates, has confirmed that the winning bidder of Indian Empress is Credityacht Ltd, a company registered in Malta. Following the auction, the buyer has seven days to deposit the purchasing price, which means the buyer has until today to pay for their new superyacht.

However, the sale of Indian Empress may not go through, as the original owners of the superyacht filed an application requesting the postponement of the auction. “The owners claimed that an MOA had been signed with this same buyer in May, but they had some issues with paying the purchase price,” revealed Fenech to SuperYacht Times.  Indian Empress off AntibesPhoto: Aurélien Herman / SuperYacht Times"The court had refused the application and the sale went ahead. We are all waiting to see what happens.”  The previous owner of Indian Empress, former politician and co-owner of Formula One Force Indian team, Vijay Vittal Mallya, is said to owe more than 40 crew members over $1 million in unpaid wages. Following the sale of the superyacht last Friday, Maritime workers union Nautilus International stated that it aims to ensure the auction proceeds are used to pay the crew its owed wages.

The SuperYacht Times iQ Report

The SuperYacht Times iQ 2018 Report

Our market report is the most complete in the business and provides in-depth analysis of the fleet by size range, the construction book, the market for new and used yachts for sale and the superyacht builders, as well as a detailed overview of superyacht ownership. It also gives the personal views of Merijn de Waard, company founder and long-term superyacht market analyst, on the state of the market.

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