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World’s biggest yacht seized in Gibraltar amid debt speculation

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LONDON: The world’s biggest sailing yacht has been seized in Gibraltar, authorities in the British Overseas Territory confirmed on Monday.


The owner of the “Sailing Yacht A” vessel, Russian billionaire Andrey Melnichenko, reportedly owes millions of euros in debt to German shipbuilder Nobiskrug.


A senior official from the Gibraltar Courts Service said that the yacht has been under impound since last week.


The 143-metre-long, 90-metre-high ship was impounded as it travelled from the shipyard in the German city of Kiel to Spain. The official delivery to the owner was scheduled within the next four months.


Created by French designer Philippe Starck, the yacht’s sails measure more than 3,700 square metres, or around half the size of a football pitch. The futuristic-looking vessel is expected to have cost around 400 million euros ($424.7 million).


A spokesman for Melnichenko said that the arrest was due to a”technical issue.” In a statement, he said: “We are confident the arrest will be terminated over the coming days and this unfortunate episode will be over.”


The Gibraltar Chronicle reported a total admiralty claim of 15.3million euros ($16.25 million), with the final instalment of 9.8 million euros outstanding since January 27.


An additional sum of 5.5 million euros for Nobiskrug’s subcontractors, as well as interest and other fees, was also reportedly disputed.


Nobiskrug said it was unable to comment on the figures due to legal agreements with the client.


The shipbuilder carried out the construction of the yacht at German Naval Yards’ dockyard in the German city of Kiel due to low capacity at its own facility. Both companies belong to German Naval Yards Holdings.


A hearing regarding the dispute was scheduled to take place on Monday at a Gibraltar court.


— dpa


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