jp morgan seized yacht

JP Morgan Seized a Russian Superyacht in Gibraltar

The investment bank won a court order that authorized the seizure of a $75 million superyacht owned by Russian billionaire Dmitry Pumpyansky.

JP Morgan Chase is behind the seizure of a Russian oligarch's superyacht in Gibraltar.

Pumpyansky, a billionaire Russian businessman, was the owner and chairman of OAO TMK—a Russian manufacturer of steel pipes. He recently offloaded his stake in the company and left the board of directors, as he was added to the list of Russian oligarchs sanctioned by the European Union and the United States earlier this month.

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

UK Secretary of Transport Grant Shapps tweeted , "It’s not only here in the UK Putin’s cronies aren’t welcome, but in all of our overseas territories too." He added, "Gibraltar has mirrored the sanctions I introduced on Russian-owned vessels—leading to the seizure of, oligarch, Dmitry Pumpyansky’s super yacht."

The yacht is one of several to be seized by European governments in recent weeks. The Russian-owned superyacht Phi, worth about $50 million, was detained in London yesterday —the first to be detained in British authorities. Shapps tweeted a photo of himself with the yacht in Canary Wharf.

Spanish, Italian, German, and French authorities have also seized luxury yachts owned by Russian billionaires .

Emily Burack (she/her) is the Senior News Editor for Town & Country, where she covers entertainment, culture, the royals, and a range of other subjects. Before joining T&C, she was the deputy managing editor at Hey Alma , a Jewish culture site. Follow her @emburack on Twitter and Instagram .

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A Russian Oligarch’s $75 Million Superyacht Just Got Auctioned Off in Gibraltar

It's the first public sale of an oligarch's seized asset since russia invaded ukraine., rachel cormack.

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What becomes of a sanctioned Russian billionaire’s superyacht after it’s seized ? In the case of the $75 million Axioma , the end result was an auction for way below its market value.

The lavish 236-footer, which was seized from Russian steel magnate Dmitry Pumpyansky in March, attracted 63 bids at a sale in Gibraltar. A true watershed moment, it is the first public auction of an oligarch’s asset since Russian forces invaded Ukraine in February.

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The superyacht, which boasts six luxurious guest cabins, an infinity pool, a spa and a 3-D cinema, was detained by the Gibraltar government after a legal claim from JP Morgan said Pumpyansky’s holding company Pyrene Investments owed the bank more than $20 million.

The Office of the Admiralty Marshal in Gibraltar confirmed on Tuesday that 63 bids were received for Axioma , but refused to reveal the value of the bids, as reported by the Guardian .

“Axioma” docked in Marseille, France in June.  Gerard Bottino / SOPA Images

“The successful bidder will be selected by the Admiralty Marshal but details of the bidder and the value of the offer will remain confidential,” the court said in a statement. “Details about the sale value of the vessel will be made available once the transaction has been completed which could take place in approximately 10 to 14 days.”

James Jaffa, a lawyer for British firm Jaffa & Co, told the Guardian that he expects Axioma to sell for “way below” $20 million.

The west has confiscated billions worth of assets since March. British and American authorities have previously said they would seek to funnel the proceeds of sold assets back into Ukraine. This auction has attracted controversy, though, because Axioma has been sold not for the benefit of the Ukrainian people, but for the US investment bank.

Still, the has set a “benchmark” for other banks looking to recoup losses by auctioning assets.

“ Axioma will be a watershed moment for assets that have bank financing against them because all the other banks will realize that the asset can be sold and that they can get some or all of their money back,” Jaffa adds.

Rachel Cormack is a digital editor at Robb Report. She cut her teeth writing for HuffPost, Concrete Playground, and several other online publications in Australia, before moving to New York at the…

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Morgan Stanley Chief Jonathan Bloomer Also On Sunken Bayesian Yacht With Michael Lynch

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The chairman of Morgan Stanley International was reportedly among the six missing people—including UK tech mogul Michael Lynch— after the 184-foot luxury sailing yacht Bayesian sank in rough seas near Sicily early Monday morning, according to new reports.

Italian emergency services headed out to sea towards the area off the Sicilian coast on Tuesday, ... [+] Aug. 20, 2024.

Lynch , a British tech entrepreneur and one-time billionaire, and his 18-year-old daughter Hannah Lynch are confirmed to be among those still missing after the ship sank (his wife, Angela Bacares, was rescued).

Jonathan Bloomer, chairman of the Morgan Stanley International bank and insurance company Hiscox, is also reportedly among the missing along with his wife, Judy.

Authorities on Monday told the BBC the missing people are presumed to still be inside the boat, and rescue operations resumed Tuesday morning.

The vessel had 22 people on board — 10 crew and 12 passengers — including people from the United States, Britain and Canada, when it overturned at around 5 a.m. Monday, according to the Italian coast guard.

Fifteen people were rescued from the vessel (including a 1-year-old girl), one person was found dead and six, including two Americans , remain missing, according to multiple reports.

Local media reported the person who died was a member of the crew, thought to be the yacht’s chef .

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Who Are The Missing People Aboard The Bayesian Yacht?

Lynch, 59, and his daughter were the first to be reported as among the missing. Lynch's lawyer Chris Morvillo, a former assistant U.S. Attorney for the Southern District of New York, has also not been found, nor has his wife and jewelry designer Neda Morvillo. Bloomer, 70, a close friend of Lynch's, is also missing along with his wife, Judy.

Key Background

The Bayesian was anchored near the port of Porticello overnight Sunday when a harsh storm hit the coast that included a " waterspout ," a tornado-like swirling column of air and water. The ship tipped over and quickly was drug underwater by its massive mast —it had the tallest aluminum mast in the world at 246 feet. Of the 15 people rescued in the aftermath, eight were treated at a local hospital.

Lynch was acquitted in a fraud trial in June after he was accused by Hewlett-Packard of artificially inflating the value of Autonomy before HP bought it for more than $11 billion in 2011. HP wrote off $8.8 million of Autonomy's value within a year of buying the company. Today, The Times estimates Lynch has a net worth of £500 million. He "had a lot of pride" in his yacht, a member of his staff told the U.K. paper, and business filings show the boat is legally owned by his wife, Bacares.

Surprising Fact: Lynch's Co-Defendant Stephen Chamberlain Died The Same Weekend

Stephen Chamberlain, who was acquitted in the same trial as Lynch in June, died hours after news broke of Lynch's disappearance. Chamberlain was hit by a car while jogging in England on Saturday morning and was put on life support before his death was announced late Monday, the Guardian reported . Lynch and Chamberlain were both indicted for conspiracy and wire fraud in the sale of Autonomy to HP before being acquitted.

What To Watch For

An ongoing search operation includes divers attempting to search the vessel, now sitting 160 feet below sea level, as well as rescue boats and helicopters, according to CNN .

$215,000. That's the cost to charter the Bayesian, a single-mast sailing vessel, for one week .

Crucial Quote

“She told me that while they were sleeping, at a certain point the yacht overturned due to the tornado, and they found themselves in the water,” Dr. Domenico Cipolla, head of the emergency room at the pediatric hospital in Palermo, Italy, told The Times . “Some of them immediately managed to get onto the lifeboat. And some, evidently, didn’t make it.”

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Russian super yacht, worth £63m, to be auctioned after being seized

A Russian-owned superyacht worth £63million is set to be auctioned off after its owner failed to pay a £17million loan.

Dmitrievich Pumpyansky has lost the Axioma boat after it was seized in Gibraltar in March when US bank JP Morgan raised the alarm.

The yacht measures 72.5m and can sleep 12 people in six cabins, while also boasting a swimming pool, jacuzzi, spa, 3D cinema, jet skis and scuba diving equipment.

Gibraltar’s Admiralty Court will hold the proceedings on Tuesday and the Axioma is expected to sell for less than its estimated value as the auction will only be held on one day.

Proceeds are likely to go to JP Morgan, despite calls for monies to be directed to help refugees. The Axioma is the first boat seized since restrictions were imposed on Russians following the invasion of Ukraine .

Mr Pumpyansky has amassed a £1.84bn fortune as head of a company which supplies steel pipes to Russian-state owned gas firm Gazprom.

The 58-year-old has already faced sanctions from the UK, US and EU governments. He rented out the yacht to millionaires for up to £465,000 per week, plus expenses.

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A multimillion-dollar superyacht once owned by a Russian oligarch has gone to auction

Dustin Jones

The Axioma superyacht, seen in Gibraltar in March, once belonged to Russian oligarch Dmitrievich Pumpyansky. The vessel was seized last March in accordance with sanctions imposed by Britain and the European Union. It will be auctioned off Tuesday, with the proceeds going to JP Morgan Chase. JON NAZCA/REUTERS hide caption

The Axioma superyacht, seen in Gibraltar in March, once belonged to Russian oligarch Dmitrievich Pumpyansky. The vessel was seized last March in accordance with sanctions imposed by Britain and the European Union. It will be auctioned off Tuesday, with the proceeds going to JP Morgan Chase.

A superyacht once belonging to a Russian billionaire went to auction Tuesday in the British territory of Gibraltar. The vessel, estimated to have a value in the tens of millions of dollars, was seized in March as part of Western sanctions against Russia following the invasion of Ukraine.

Gibraltar's Admiralty Marshal was tasked with appraising and selling the yacht, which received 63 bids, according to court documents. Its official appraised value is "a confidential matter which cannot be disclosed," although outside estimates reportedly place it anywhere from $42 million to $75 million. Details about who ultimately purchases the vessel and for what price will be made public when the transaction is complete.

Measuring 236 feet long and weighing over 1,600 tons, the Axioma is a sight to behold. It can accommodate 12 guests in six cabins — along with a 20-person crew in 12 other rooms — and features a gymnasium, full-service spa, infinity pool and luxury cinema, as stated on the Howe Robinson Partners auction site.

The cost to charter the Axioma for a week runs an average of roughly $500,000 , not including other operating costs, according to Yacht Charter Fleet.

The former owner of the ship is Dmitrievich Pumpyansky, once Russia's largest steel pipe manufacturer and currently worth $2 billion, according to Forbes . Unfortunately for Pumpyansky, he was sanctioned by Britain and the European Union after the invasion.

Other superyachts owned by Russian oligarchs have been detained as a result of the sanctions, but the Axioma is the first to be sold off, the Guardian reported.

Despite calls for the proceeds of the sale to benefit Ukraine, the funds will instead be paid to JP Morgan Chase. According to the Guardian, the international bank had a loan agreement with Pumpyansky's holding company, Pyrene Investments.

However, the sanctions against Russia prevented JP Morgan Chase from accepting payments from the holding company, breaching the agreement, and the bank filed a legal claim to have the vessel seized and sold at auction.

Other superyachts belonging to Russian elites have been detained all over the world — including the Amadea, which was seized in Fiji at the request of the United States in May. That $300 million yacht belonged to Suleiman Kerimov, a Russian gold producer worth over $12 billion, according to Forbes .

The fate of the Amadea is uncertain, however; it, too, could be sold to the highest bidder, which would be in line with President Biden's aims to hold Russian oligarchs accountable for their role in the invasion and, potentially, use the proceeds to aid Ukraine.

Superyacht sinking: Jonathan and Judy Bloomer 'inspiration to many', says family after couple confirmed dead

The Morgan Stanley International bank chairman, and his wife were confirmed dead after five bodies were found by divers after the luxury yacht sank off the coast of Sicily.

Thursday 22 August 2024 21:11, UK

The family of Jonathan and Judy Bloomer have described them as "incredible people and an inspiration to many" following their deaths in the sinking of a luxury yacht in Sicily.

The Morgan Stanley International bank chairman, 70, and his wife were confirmed dead after five bodies were found by divers on Wednesday - taking the number of confirmed dead to six.

The pair were on the trip with British tech entrepreneur Mike Lynch to celebrate his court victory back in June .

"We are grieving for our loved ones and all of those affected by the tragedy. We would like to express our sincere gratitude to the emergency services and everyone who helped tirelessly in this rescue operation," the family said in a statement on Thursday.

Superyacht sinks latest: Five bodies identified

"Our parents were incredible people and an inspiration to many, but first and foremost they were focused on and loved their family and spending time with their new grandchildren. Together for five decades, our only comfort is that they are still together now.

"This is an unimaginable grief to shoulder. Our only ask is that our family's privacy is respected at this time."

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Mr Bloomer was serving as chairman of both Morgan Stanley and insurance group Hiscox at the point of his death.

The City veteran was said to have interests in sailing, rugby and music, and was also a member of the finance committee of UK children's charity NSPCC.

He was married to Ms Bloomer, a trustee and long-time supporter of gynaecological cancer research charity the Eve Appeal.

Chris and Neda Morvillo's death an 'enormous loss'

A statement from the families of Chris and Neda Morvillo, who also died in the sinking of the yacht, described them as "devoted, loving parents" whose death had been an "enormous loss".

"We are completely devastated by the passing of Chris and Neda, and our collective hearts go out to all the families who have also been affected by this senseless tragedy," the statement said.

While they were "widely respected for their professional successes", their "true talents" were "that of mother and father, son and daughter, brother, sister, uncle, aunt and dear friends to so many.

"Neda and Chris lived their lives as devoted, loving parents who always put their daughters and families first.

"Their passing is a tremendous loss for our family and for the countless people who knew and loved them both.

"We extend our deepest gratitude to the Italian rescue services for their unwavering dedication and to Clifford Chance for all the support they have provided."

A partner at the law firm Clifford Chance, Mr Morvillo had been part of Mr Lynch's legal team.

'Friend and mentor to many'

Ted Pick, chief executive of Morgan Stanley, paid tribute to Mr Bloomer and sent his "deepest condolences" to all those affected by the tragedy.

"Jonathan's leadership and experience helped the firm manage a period of complex change for our international businesses," Mr Pick said.

"He has been a friend and mentor to many and we will all greatly miss his wise counsel and spirit of kindness."

Aki Hussain, chief executive of insurance group Hiscox, added: "It was a privilege to have known Jonathan and to have benefited from his generosity and wisdom over the last year in his role as chair of Hiscox.

"His deep experience across our industry and in the broader business arena, combined with his personal values, made him both an excellent chair and a person I was proud to know and work with.

Meanwhile, Investment platform Hargreaves Lansdown - where Mr Bloomer was a former board director - described him as a "giant in financial services".

Read more: Why search of superyacht wreck has been so difficult The 'alarming' potential cause of superyacht disaster

"His advice and support were immensely valuable to me, and he will be dearly missed."

The yacht - known as the Bayesian - sank early Monday morning after a storm hit the region.

The wreckage is now on the seabed at a depth of around 50m (164ft) off Porticello near Palermo, where it had been anchored.

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Mr Lynch, 59, was also among the dead , but his 18-year-old daughter Hannah remains missing.

Twenty-two people were on board the vessel, 15 of whom were rescued - including Mr Lynch's wife Angela Bacares and Briton Charlotte Golunski and her one-year-old daughter Sofia.

Speaking to Sky News , one of Mr Lynch's neighbours has described him as "generous, humble and full of integrity".

Ruth Leigh lived next door to Mr Lynch and his wife in Suffolk for 15 years.

She described them as "fantastic neighbours" and said the tech tycoon "never played on his position" and was "very friendly and down-to-earth" despite his fortune.

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

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

The 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 the European Union over Russia's invasion of Ukraine.

JPMorgan won the court order allowing 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 and Insider.

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

European countries have seized several 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.

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Missing revealed as divers search superyacht that sank in storm off Sicily

ROME — Rescue teams and divers were searching Tuesday for six missing people, including a British tech magnate and a Morgan Stanley boss, after a luxury superyacht sank in a storm off Sicily .

The identity of those still missing emerged after an initial search of the 184-foot sailboat, named the Bayesian, was unsuccessful Monday. The British-flagged tourist vessel had 22 people aboard when it sank because of “a violent storm” off Sicily’s main city, Palermo, around 5 a.m. local time (11 p.m. ET) on Monday, the local coast guard said.

Newly released video shows the moment the vessel suddenly sank after being battered by the storm. In the video, the 250-foot mast, which was lit up and lashed by the storm, appears to bend to one side before it disappears and is replaced by darkness.

The grainy images obtained by NBC News and other outlets were recorded on closed-circuit television not far from where the Bayesian was anchored.

Fifteen people were rescued by a boat present in the immediate vicinity and then brought ashore by coast guard vessels, but six passengers, including American, British and Canadian citizens, remained missing, it said. They were believed to be trapped in the boat's hull, some 164 feet underwater, posing a challenge to divers who returned Tuesday to the site off Porticello, near Palermo.

Salvatore Cocina, director of Sicily’s Civil Protection Agency, told NBC News that the missing include British tech magnate Mike Lynch and his daughter, Morgan Stanley International Chairman Jonathan Bloomer and his wife, and Clifford Chance lawyer Chris Morvillo and his wife.

Cocina did not specify the nationalities of the missing. He also did not identify Lynch's daughter or the wives of Bloomer and Morvillo.

A spokesperson for Clifford Chance, where Morvillo works as a lawyer, confirmed to NBC News on Tuesday that he and his wife, Neda, were among the missing. 

Aki Hussain, chief executive officer of U.K. insurance company Hiscox, where Bloomer is a nonexecutive chairman, confirmed to NBC News on Tuesday that Bloomer and his wife, Judy, were missing.

Italy’s national fire department said that its divers were able to get inside the wreck during a late-night dive Monday, inspecting some cabins under the bridge, but were having trouble navigating because of obstructions and narrow access gates. One of those obstructions was reported to have been caused by furniture from the cabins that moved during the storm that struck the ship early Monday.

Rescuers said that there might be bodies inside the cabins, especially considering the timing of the storm, but that they had so far been unable to check through the ship’s portholes.

Divers were forced to work in 12-minute underwater search shifts because of the depth, while surface searches continued in the area of ​​the shipwreck with a helicopter and a fire brigade boat, it added.

Mike Lynch, who was regularly described in U.K. media as “Britain’s Bill Gates,” was cleared of fraud charges in a blockbuster U.S. trial earlier this summer. Sources told CNBC on Monday that his wife, Angela Bacares, has been rescued. Italian news agency ANSA identified his daughter, missing alongside her father, as Hannah, 18.

Just days earlier, Lynch's co-defendant, Stephen Chamberlain, died after being “fatally struck by a car” while out running Saturday, his lawyer Gary Lincenberg said in an emailed statement.

The sailing vacation that ended in tragedy appeared to be something of a celebration after Lynch’s acquittal — Morvillo was one of Lynch’s U.S. lawyers and Bloomer testified in his defense.

“We are deeply shocked and saddened by this tragic event. Our thoughts are with all those affected, in particular our Chair, Jonathan Bloomer, and his wife Judy, who are among the missing,” Hussain, the Hiscox CEO, said in an emailed statement.

A Morgan Stanley spokesperson also said: “Our thoughts are with all those affected, in particular the Bloomer family, as we all wait for further news from this terrible situation.”

The Eve Appeal, a British cancer charity, described Judy Bloomer in an emailed statement as “a brilliant champion for women’s health and medical research.”

Britain's Marine Accident Investigation Branch said it was deploying a team of four inspectors to Palermo to conduct a preliminary assessment.

The coast guard said in a statement Monday that the ship’s cook had died. It did not give his nationality. Reuters identified him as Antiguan citizen Ricardo Thomas.

One of the survivors, identified as Charlotte Emsley, 35, told the Italian news agency ANSA that she had momentarily lost hold of her year-old daughter, Sofia, in the water but managed to retrieve her and hold her up over the waves until a lifeboat inflated and they were pulled to safety.

Built by Italian shipbuilder Perini Navi in 2008, the U.K.-registered, Bayesian can carry 12 guests and a crew of up to 10, according to online specialist yacht sites.

The yacht’s nearly 250-foot mast is the tallest aluminum sailing mast in the world, according to CharterWorld Luxury Yacht Charters. 

Luca Mercalli, an Italian climatologist and president of the country’s meteorological society, told Reuters that the storm could have involved a waterspout, essentially a tornado over water, or a downburst, a more frequent phenomenon that doesn’t involve the rotation of the air.

Storms and heavy rainfall have swept Italy in recent days after weeks of scorching heat.

“The sea surface temperature around Sicily was around 30 degrees Celsius (86 Fahrenheit), which is almost 3 degrees more than normal,” Mercalli said. “This creates an enormous source of energy that contributes to these storms.”

Claudio Lavanga reported from Rome and Yuliya Talmazan from London.

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Who is Jonathan Bloomer? Morgan Stanley chairman amongst missing from Sicily yacht

The british businessman is one of six people missing after a superyacht capsized near sicily, article bookmarked.

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Six people are missing and one is dead after a super yacht capsized off the coast of Sicily last night . A violent storm led the vessel – named ‘Bayesian’ – to capsize in the early hours near the port of Porticello.

Morgan Stanley International bank chairman Jonathan Bloomer is amongst the missing, alongside UK tech entrepreneur Mike Lynch and Salvatore Cocina, who is head of the civil protection agency in Sicily. The boat was carrying 22 people when it capsized , with 15 now rescued.

The incident comes after Mr Lynch, 59, was cleared in a high-profile fraud case in June. The Autonomy founder was acquitted of charges related to the 2011 multi-billion dollar sale of his company to HP.

If convicted by a jury, Mr Lynch would have been facing up to 20 years in prison. He had invited colleagues and family on board the yacht to celebrate his legal victory, with several onboard being involved in the trial.

Amongst these was Mr Bloomer, 70, who was called to the stand by Mr Lynch’s team during the trial. The British banking boss was chairman of Autonomy’s audit committee during its sale to HP, and told the jury that Mr Lynch “wasn’t particularly interested in the finance side.”

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“Mike was mostly interested in the strategy, new products, new areas to look at … he didn’t come to the audit committee,” he had added.

Mr Bloomer now remains one of the six missing passengers of the Bayesian, with British and Italian authorities working to find them. A spokesperson for for the Foreign, Commonwealth and Development Office (FCDO) said: “We are in contact with the local authorities following an incident in Sicily, and stand ready to provide consular support to British nationals affected.”

Who is Jonathan Bloomer?

Mr Bloomer has been the chairman of Morgan Stanley International since 2018, and last year was also made chairman of the Hiscox international insurance group.

He began his career at the now-defunct American accounting firm Arthur Andersen, working there for 20 years from 1974 to 1994. Mr Bloomer then spent the next ten years at Prudential, an insurance firm based in the UK, eventually becoming group CEO until 2005.

Mr Bloomer has held several other roles since 2005, and alongside his chairman roles at Morgan Stanley and Hiscox, he also chairs property company SDL Group Holdings.

The businessman was chair of Autonomy’s audit committee from September 2010 until its sale in October 2011. This is likely where he met and became friends with Mr Lynch.

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For the first time, a Russian superyacht seized under war-related sanctions will be auctioned.

JP Morgan said that the ship’s owner, Dmitrievich Pumpyansky, a billionaire Russian steel pipe magnate, owed it more than $20 million in loan repayments that could no longer be legally accepted after he was sanctioned by the West.

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By Euan Ward

• Aug. 22, 2022

A superyacht owned by a sanctioned Russian businessman is set to be publicly auctioned off on Tuesday, the first such sale since governments around the world began seizing Russian-owned luxury vessels in the wake of President Putin’s invasion of Ukraine.

The superyacht, the Malta-flagged Axioma, was seized by British authorities in Gibraltar in March after the U.S. investment bank JP Morgan said that the ship’s owner, Dmitrievich Pumpyansky, a billionaire Russian steel pipe magnate, owed it more than $20 million in loan repayments.

Before being sanctioned in March, Mr. Pumpyansky owned and chaired Russia’s largest steel pipe producer, TMK PJSC. Britain said that Mr. Pumpyansky was one of the oligarchs “closest to Putin ,” and had amassed a fortune estimated at more than $2 billion.

The bank said that the money it was owed by Pyrene Investments, Mr. Pumpyansky’s holding company, could no longer be legally accepted after he was sanctioned by the United States, Britain and European Union. The bank won a court order in Gibraltar in July to have the vessel seized and auctioned off to repay the loan.

The Axioma has five decks and is 240 feet long. It is outfitted with six luxurious bedrooms, an infinity pool, a 3-D cinema, a gym, a jacuzzi and a spa. Nigel Hollyer, the broker at the auction house handling the vessel’s sale, Howe Robinson Partners, would not disclose the yacht’s appraised value, but said it was expected to sell “comfortably in advance” of that figure.

The BBC previously reported an appraisal value of £63 million, or about $75 million for the vessel, though it did not disclose how the figure was obtained.

Mr. Hollyer said he had seen a “staggering amount” of interest in the vessel in recent weeks, including 100 inquiries and 30 in-person inspections. He said that there had been two “serious” offers already, and that most offers were expected on Tuesday. Prospective buyers hailed from countries including the United States, Canada, Britain, Italy, and Turkey, according to Mr. Hollyer.

The vessel, originally named Red Square when it was built in 2013, was once available for charter for as much as $635,250 a week, plus expenses. Many of those who previously rented the superyacht were U.S. citizens, Mr. Hollyer said.

JP Morgan refused to comment on the Axioma when approached by The New York Times, declining to say whether the bank intended to donate any of the proceeds to help Ukrainian refugees. In recent months, some governments — including Britain, which governs Gibraltar as an overseas territory — have said that proceeds from the sale of seized Russian assets could be used to aid Ukraine.

A spokesman for Gibraltar Courts Service said that what happened to any surplus from the sale, once the loan was repaid, was a matter “to be determined by the court.”

Euan Ward is a reporter on the International desk and a 2022-2023 New York Times Fellow. He is based in London, and previously worked as a Middle East correspondent and investigative reporter in Beirut. More about Euan Ward

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Superyacht Seized From Sanctioned Russian Billionaire Sells for Undisclosed Amount

By Victoria Scott

Posted on Aug 23, 2022 2:44 PM EDT

4 minute read

Russian billionaire Dmitry Pumpyansky is really just your average oligarch. He’s tied to a $2 billion dollar net worth, alleged close ties to Vladimir Putin , a private art gallery , and of course, a 236-foot superyacht with a dozen bedrooms on board. Or at least he did own the yacht, until earlier this year when J.P. Morgan seized it , followed by then auctioning it off on Tuesday.

The reason for the seizure is directly due to international sanctions on Russian oligarchs in the wake of Russia’s invasion of Ukraine . Pumpyansky, who has been identified by the U.S. government as an oligarch in the 2017 Countering America’s Adversaries Through Sanctions Act, served as the guarantor of a $20 million loan with JP Morgan when the invasion began. He, along with many other Russian billionaires, was sanctioned shortly after the invasion . As a result, and according to court papers obtained by Reuters, the sanctions ultimately “constitut[e] an event of default,” as it is now legally impossible for Pumpyansky to pay back the loan. As collateral for the defaulted loan, JP Morgan seized the superyacht and brought it to public auction at the Gibraltar Admiralty Court (where the ship was impounded). It’s the first seized Russian yacht actually sold on the open market, rather than just confiscated, since sanctions began earlier this year.

The yacht itself is the Axioma, a 236-foot-long vessel launched in 2013 that was formerly available as a charter ship. As the listing and photos highlight, it has a beach-house style interior designed by Alberto Pinto , and it features a 3D cinema room, multiple jacuzzis, a steam room and sauna, a gym, onboard jet-skis, and an inflatable water slide that stretches from the sun deck to the water itself. It was nominated as a finalist for several 200+ foot yacht awards, which I did not know existed.

The original cost of the yacht was $75 million (and it was going for nearly $550,000 a week during peak season as a charter vessel). According to the Guardian , which spoke with the broker of the auction, there was an “unexpected late surge” of interest from potential buyers who wanted to pick up the Axioma as a “bargain” at auction. According to the broker, 30 people flew into Gibraltar where the vessel was docked to check it out in person before it was sold Tuesday. It’s unknown if anyone did actually get a deal on the Axioma, as it was sold at a sealed-bid auction, but I’m going to wager a guess that if you have to ask, you probably couldn’t afford it anyway.

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Watch CBS News

Ship seized in $1.3 billion cocaine bust is owned by JP Morgan Chase

By Christopher Brito , Jason Silverstein

July 11, 2019 / 7:03 PM EDT / CBS News

A cargo ship that was seized last month with nearly 20 tons of cocaine on board — with an estimated street value of $1.3 billion — belongs to JP Morgan Chase, a source familiar with the situation confirmed to CBS News. U.S. Customs and Border Protection said this was the largest vessel ever seized in the agency's 230-year history. 

The ship, the MSC Gayane, is owned by JP Morgan Asset Management clients through a transportation fund managed by the bank, a source said. JP Morgan leased the ship to Mediterranean Shipping Co., a Switzerland-based shipping company, which is solely responsible for the vessel's crews and operations.

JP Morgan Chase declined to comment on the record. Mediterranean Shipping Co. said in a statement, "Unfortunately, shipping and logistics companies are from time to time affected by trafficking problems." The shipping company said it is cooperating with U.S. law enforcement on the investigation. Neither JP Morgan Chase nor MSC are targets of the criminal investigation.

The U.S. Justice Department said agents boarded the ship on June 17 after it arrived at the Packer Marine Terminal in Philadelphia, and seized 19.76 tons of cocaine. On the Fourth on July, CBP seized the ship itself for possible forfeiture to the U.S.

"A seizure of a vessel this massive is complicated and unprecedented — but it is appropriate because the circumstances here are also unprecedented," U.S. Attorney William M. McSwain said in a statement. 

The ship, which was built in 2018 and flew under the flag of Liberia, had traveled through South America and the Bahamas before arriving in Philadelphia, according to Marine Traffic .

Several crew members on the ship have been charged with knowingly and intentionally conspiring with each other and others to possess cocaine, the Justice Department said. A federal criminal investigation is ongoing. 

• United States Department of Justice
• JPMorgan Chase

Christopher Brito is a social media manager and trending content writer for CBS News.

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