Super Yacht A now a hostage to fortune in Gibraltar

THERE was much excitement when Super Yacht A, purportedly the largest and most futuristic yacht ever built sailed into Gibraltar, but this excitement grew to a frenzy when it was seized at dock at the request of the builders.

Said to have cost €400 million, designed by iconic Philippe Starck and built by German shipyard Nobiskrug for Russian billionaire Andrey Melnichenko it is claimed that a final payment in excess of €15 million which includes mounting interest is outstanding.

The matter is now being debated in the Gibraltar courts and although it is claimed that €9.8 million is sitting in an escrow (protected third party) account, the judge has not been convinced that this is sufficient nor that the account is accessible should he rule in favour of release.

Whilst the matter continues to be the subject of dispute in the Gibraltar Supreme Court, it would appear that informal discussions are taking place between lawyers for the builders and the putative owner in an effort to resolve the problem and present an agreed position to the judge.