JPMorgan won a court order authorizing the seizure of a Russian oligarch's $75 million superyacht in Gibraltar, report says

March 29, 2022

JPMorgan won a court order authorizing the seizure of a Russian oligarch's $75 million superyacht in Gibraltar, report says

Axioma yacht — Dmitry Pumpyansky's superyacht Axioma.
SuperyachtTimes.com

JPMorgan won a court order authorizing seizure of a Russian oligarch's superyacht, per Bloomberg.
Gibraltar's government told Insider that the bank "is acting pursuant to its mortgage rights."
The yacht is owned by the billionaire Dmitry Pumpyansky, who has been sanctioned by the UK and EU.

Investment bank JPMorgan Chase won a court order that authorized the seizure of a Russian oligarch's superyacht in Gibraltar last week, Bloomberg reported on Monday.

The government of Gibraltar, a British overseas territory on Spain's south coast, said on March 21 that it had impounded a $75 million yacht owned by the billionaire Dmitry Pumpyansky, who was sanctioned by the UK and European Union over Russia's invasion of Ukraine.

JPMorgan won the court order which allowed port authorities in Gibraltar to seize the yacht, called Axioma, according to Bloomberg.

"JPMorgan is acting pursuant to its mortgage rights," a spokesperson for the Gibraltar government told Insider. "Her Majesty's Government of Gibraltar is exercising rights to enforce freezing sanctions also."

JPMorgan declined to comment to Bloomberg. The bank didn't immediately respond to Insider's requests for comment.

On the day of the seizure, Gibraltar's government said in a statement sent to Insider that the yacht was "confirmed to be the subject of an arrest action by a leading international bank in the Supreme Court of Gibraltar."

The government added that it normally wouldn't have allowed Axioma to enter British territorial waters but it was permitted "in the interests of creditors with proper claims against the vessel and who seek the assistance of the Admiralty jurisdiction of the Supreme court to enforce such claims."

Pumpyansky, who is the owner of Russia's biggest steel-pipe-maker, TMK, has a net worth of $1.1 billion, Forbes reported. The Gibraltar government told Insider that he was the owner of Axioma, which has two swimming pools, a gym, and a cinema onboard, according to SuperYachtFan.

European countries have seized a number of yachts and other assets belonging to Russian oligarchs, who have been targeted by sanctions aimed at pressuring President Vladimir Putin into withdrawing from the invasion of Ukraine.

Read the original article on Business Insider