Dh1.67 billion yacht allowed to set sail from Dubai port

Dh1.67 billion yacht allowed to set sail from Dubai port

Dubai - Luna was seized at Port Rashid - when it docked for some maintenance work in February 2018.


Marie Nammour

Published: Fri 29 Mar 2019, 6:52 PM

An arrest warrant, which has been imposed on a Russian tycoon's Dh1.67 billion superyacht impounded at Port Rashid, was lifted on Wednesday by a Dubai court.
The Dubai Court of Appeals overturned a lower court's order, under which Russian billionaire Farkhad Akhmedov's MV Luna was held at the port here, and thus allowed its release.
A source working with the tycoon told Khaleej Times that the seizure was removed as per a Dubai court order. MV Luna was seized at Port Rashid when it docked there for some maintenance work in February 2018, in implementation of a UK court order.
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In 2016, a UK court awarded Tatiana Akhmedova, Akhmedov's divorcee, £453 million plus interest as part of a divorce settlement. Enforcement arrangements have ever since been made to track down all his assets, including a private jet and a motor vessel.
However, a representative of Tatiana Akhmedova told Khaleej Times that the case is still being heard by the Dubai courts and final verdict is yet to come.
A statement from Tatiana Akhmedova's lawyers said: "The Court of Appeals ruled that the case should be heard by the Execution Judge at the Dubai Court of First Instance. The Court of Appeals' decision is encouraging to Akhmedova and she will simply continue to pursue her claims in the Dubai Courts.
"Akhmedova is also bolstered by the fact that she successfully obtained additional orders in the English Court (two days ago) to secure Luna."
Earlier in November last year, the Dubai Court of Appeals had rejected to lift the arrest warrant after a plea by the lawyers of Farkhad Akhmedov. The court then dismissed the appeal by the owner and upheld an earlier court order that MV Luna remains under arrest. On August 29, the same court rejected an appeal filed by Akhmedov to lift a seizing order of his superyacht.
The Dubai International Financial Centre (DIFC) courts had heard the lawsuit as a commercial case for about four months. In May, the DIFC courts dismissed the lawsuit and referred it to the Dubai Shariah Court as a marital dispute.
In December last year, a helicopter, valued in excess of ?5 million (Dh20.63 million), which used to be engaged in regular shift work travelling to and from the superyacht MV Luna, was sold, lawyers acting for the ex-wife of Akhmedov confirmed to Khaleej Times.
The lawyers revealed the sale of a Eurocopter EC 155 helicopter (registered as "M-LVNA Fairoaks"), which had been earlier seized in Turkey. It was learned that the sale, which was a private deal in the Isle of Man, marks the first financial return following international enforcement actions against a global inventory of the tycoon's assets which began in early 2018.
Akhmedov's profile on Forbes shows that he got his start selling Russian sables at the London commodity exchange. Later, he amassed a $1.4 billion fortune in oil and gas trade.
MV Luna has two helipads, nine decks, 10 VIP cabins, a swimming pool and a spa.

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