JPMorgan Behind Moves to Detain Russian Billionaire's Superyacht
(Bloomberg) -- JPMorgan Chase & Co., the biggest U.S. bank, is behind court moves to seize a superyacht owned by a sanctioned Russian billionaire in Gibraltar.
In one of the first public court actions by a bank to enforce on a debt against a sanctioned individual, JPMorgan won a court order authorizing Gibraltars port authority to detain the 73-meter (240-foot) yacht Axioma owned by Dimitry Pumpyansky.
The 5-deck Axioma, which boasts an infinity swimming pool plus a 3D cinema, was impounded last week. Officials in the British territory said that while they wouldnt normally have allowed the yacht to enter Gibraltar waters given Pumpyanskys ownership, they seized the vessel in the interests of creditors with proper claims.
JPMorgan is acting pursuant to its mortgage rights, a spokesman for the Gibraltar government said in a statement Monday. A JPMorgan spokesman declined to comment.
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