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Biggest yacht in the world held in Gibraltar over multi-million debt
20 February 2017 @ 14:18

THE world's largest yacht has been impounded off the coast of Gibraltar over a €15.3 million debt, according to the Rock's Supreme Court.

German Naval Yards, based in Kiel, Germany, built the Sailing Yacht A – which carries a Bermuda flag – and is owed this amount of money by the proprietor, the company Valla Yachts Limited, based on the Caribbean island.

Valla Yachts Limited is owned by Russian billionaire Andrei Melnichenko.

When his firm did not pay up, German Naval Yards put the case in the hands of a solicitors' firm in Gibraltar, where the craft was moored, and the case is due to be heard in the Supreme Court of the British-owned enclave which borders onto the Spanish town of La Línea de la Concepción (Cádiz province).

Read more at thinkSPAIN.com



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briando55 said:
21 February 2017 @ 00:07

Good job it wasn't in Spanish provinces, the courts would take 5 years to turn round.

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