Ann Fenech, managing partner of Fenech and Fenech Advocates, has confirmed that the 95-metre (312-foot) Oceanco-built Indian Empress was auctioned for €45.3 million in the Law Courts building in Valletta, Malta, on 28th June.
She was valued at almost €80 million in March.
Fenech revealed that the opening bid for the superyacht stood at €25 million. The successful bidder now has a period of seven days to deposit the purchase price in court.
Once the court has received the fee, the creditors of Indian Empress will be paid from the purchase price via a ‘competition of creditors’ procedure.
Indian Empress was ordered for sale by the Civil Court (first hall) of Malta in May, on the application of Melita Power Diesel. Previous owner Vijay Mallya was arrested in London in October 2017 at the request of the Indian government, which asked for his extradition to stand trial over an alleged debt of more than ₹90 billion (Indian rupees; approximately €1.13 billion).
The superyacht was subsequently left abandoned, leaving the crew with months of unpaid wages totalling in excess of €860,000.