Feb. 20 (UPI) — A Russian billionaire’s super-yacht was impounded in Gibraltar because he still owes millions of dollars on it, officials said Monday.
The vessel, belonging to Andrey Melnichenko and registered in Bermuda, has been held in the British territory for almost a week because of $16 million in outstanding fees.
The fees include a partial payment for the yacht itself, as well as contractor and interest fees.
The yacht measures 470 feet in length, weighs more than 12,500 in tonnage, has three masts and cost about $425 million. It was built by German shipbuilder Nobiskrug.
“The vessel is under arrest and is currently at anchor in British Gibraltar Territorial Waters,” Gibraltar Admiralty marshal Liam Yeats told BBC News.
“We are confident that the arrest will be removed within a few days and this unpleasant episode will be over,” a spokesman for Melnichenko said.
A Russian industrialist and former banker, Melnichenko, 44, is one of the world’s wealthiest people. He was ranked No. 139 last year on Forbes’ billionaires list.