Topline
A company tied to one of the world’s wealthiest men, who has made headlines for his association with President Donald Trump, is reportedly the new owner of a 348-foot superyacht sold by the U.S. government after it was seized from a Russian oligarch during the start of the war in Ukraine.
The yacht Amadea, which was seized by the Fiji government at the request of the US, arrives at the Honolulu Harbor, Hawaii, June 16, 2022.
AFP via Getty Images
Key Facts
The yacht, named the Amadea, was auctioned off back in September, years after it was seized as part of sanctions enforcement against wealthy Russians linked to Russian President Vladimir Putin.
Ownership of the Amadea officially changed on Oct. 10, according to ship database Equasis, and several outlets have reported it is now owned by Beyond Holdings Group Limited, a company headquartered at the same address as United Arab Emirates-based billionaire Hussain Sajwani’s Damac Properties.
Beyond Holdings Group was previously known as the AHS Four Company, a Russian outlet first reported, adding that AHS is Sajwani’s son’s initials and is the name of his son’s yacht, which charters for more than $500,000 per week.
The Amadea, formerly owned by sanctioned Russian oligarch Suleiman Kerimov, is estimated to be worth roughly $300 million, though an auction price was not revealed at the time of sale.
The yacht, which set sail in 2017, can accommodate up to 22 guests in eight staterooms and also has a gym, sauna, massage room, 32-foot infinity pool, private theater, helipad and two elevators on board.
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Key Background
Kerimov was first designated as an official of the Russian government in 2018 and he was re-sanctioned in September of 2022 in response to Russia’s full-scale invasion of Ukraine. In June of 2022, the Amadea was seized by authorities in Fiji at the request of the U.S. Department of Justice, which have claimed Kerimov violated several American laws, including money laundering and conspiracy. A winding legal saga followed as the government attempted to prove the true ownership of the ship, which was purchased using shell companies and trusts and under the proxy-ownership of oligarch Eduard Khudainatov. In August of this year, the U.S. said it would auction the Amadea in an attempt to put pressure on Russian oligarchs and compel them to ask Russian President Vladimir Putin to end the war in Ukraine. The auction of the Amadea was the first sale of a seized Russian luxury vessel since the start of the war, according to the Associated Press. A dozen Russian-linked yachts have been seized around the world in the last several years, including in Italy, Spain and France.
Who Is Hussain Sajwani, And How Is He Linked To Trump?
Sajwani started working in the food services business, where he catered to the U.S. military and construction giant Bechtel, before founding Dubai-based luxury real estate development firm Damac Properties in 2002. He worked with Trump more than a decade ago to develop two Trump-branded golf courses in Dubai, and was seen celebrating his New Year’s at Mar-a-Lago in 2016 and this year, when he posed for a picture alongside Trump and Tesla CEO Elon Musk. When Trump was elected to a second term, Sajwani described it as “amazing news for me and my family” and said “we’ve been waiting for four years to increase our investment in the U.S. to a very large amount of money.” In January, Trump announced Sajwani would invest $20 billion toward building data centers in the U.S., with a hope to invest “even more” if the market allows. Damac has also committed $3 billion toward data center development in Indonesia, Malaysia and Thailand, and more than $400 million toward data centers in Spain.
Forbes Valuation
Sajwani is worth an estimated $10.2 billion according to our most recent estimates, more than twice as much as he was worth in January. His net worth makes him the second-richest person in the UAE and the 293rd-richest person in the world. Kerimov, the former owner of the Amadea, has an estimated net worth of $16.4 billion, ranking him No. 155 on Forbes’ Real-Time Billionaires list. He made his billions investing in distressed assets in Russia, as well as on shares of Sberbank, Gazprom and Polyus, Russia’s biggest gold producer.