The first ultra-luxury yacht confiscated from a Russian oligarch who supports Putin is to be auctioned in Gibraltar. The proceeds will not be used to help Ukrainian refugees fleeing Moscow ahead of the war unleashed in their country at the end of February: they will go to a US investment bank, JP Morgan, which claims to be the owner of the yacht, Dmitry PumpyanskyHe owes you more than $20 million.
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It’s a boat worth 65 million pounds, more than 76 million euros: the Axioma, 72.5 meters long. It will be auctioned by the Government of Gibraltar on Tuesday. The ship features six luxurious guest cabins, a swimming pool, 3D cinema room, gym, jacuzzi and a fully equipped spa. It was seized in March immediately after docking in Gibraltar.
The owner
Pumpyansky is the owner and president of giant Oao Tmk, the world’s leading manufacturer and supplier of steel pipes for the oil and gas industry, which also supplies Russia’s state-owned energy company Gazprom. The oligarch has been sanctioned by the UK, the EU and the US. The UK claims Pumpyansky – worth an estimated £1.84 billion – is one of Putin’s closest oligarchs.
Dozens of villas and superyachts have been confiscated around the world, but Axioma is the only one put up for sale. Many have suggested using the proceeds to support Ukrainian refugees. But that won’t be the case. This is because the yacht was in fact impounded by the Government of Gibraltar after a lawsuit by Jp Morgan stating that the Pumpyansky Pyrene Investments holding company owes more than $20 million. The fact that the billionaire had been sanctioned meant that the terms of the loan had been breached. A spokesman for the Gibraltar Courts Service, who was contacted by the Guardian, said: “The Axioma was seized after a complaint was lodged with the Supreme Court.” Of Jp Morgan, they instead stated: “We kindly refuse to accept the Axioma issue Leave a Comment. Jp Morgan has £5m-£10m philanthropic commitment to help Ukrainian refugees ».
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