A Russian businessman’s yacht seized in London

The luxury yacht Phi at Canary Wharf, London.
James Manning/PA Images via Getty Images

The British government said on Tuesday it had confiscated a luxury yacht worth 45 million euros believed to belong to a Russian businessman.

The yacht “Faye” was registered as property of a Caribbean company and was flying the Maltese flag to conceal “ownership,” according to a British criminal investigation.

The British government launched an investigation after there were indications that the yacht was owned by a Russian.

Britain’s National Crime Agency (NCA) reported on Tuesday that the government had confiscated a luxury yacht worth ‚ā¨45 million. This is the first time a yacht has been booked in British waters.

When contacted by informed sources, the government said the 58.5-metre yacht, called “Faye”, was being held in Canary Wharf, a business district in London. Fei was attending the Yachting Awards Ceremony and was scheduled to leave port on Tuesday noon.

The UK government has not revealed the owner’s name. According to official information, he is said to be a Russian businessman. The confiscation is part of the sanctions imposed on the Russian authorities. The government estimated the value of the yacht at 38 million pounds sterling, or about 45 million euros.

And the Criminal Investigation Department wrote in a statement, Tuesday, that the owner of the yacht “deliberately veiled well.” They added that the yacht is registered as corporate property on the Caribbean island of Saint Kitts and Nevis, but was flying the Maltese flag to “disguise its assets”.

The Phi was identified as a Russian yacht on March 13. Subsequent investigations led to the seizure of the yacht. The luxury yacht was built by the Dutch shipyard Royal Huisman, and delivers a loud sound super yacht It accommodates 23 people and crew. The British government said the swimming pool and wine cellar were part of the facilities.

British Transport Secretary Grant Shapps said: “Today we have seized a ¬£38 million yacht and have turned a symbol of Russia’s power and wealth into a clear and powerful warning to Putin and his comrades. The capture of Phi shows that we are capable and will take the strongest measures against anyone seeking to profit from Russian ties.”

The article first appeared on Business Insider in the United States. You can find the original here.

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