Seized Russian Yacht “Axioma” auction begins in August. Unlike other captured Russian yachts, Axioma was seized on behalf of a bank, not a government. This has facilitated a relatively swift sales process.
Pumpyansky’s holding company, Pyrene Investments, owed $22 million (c. €21.5 million) to American bank JP Morgan. Once sanctions were imposed, JP Morgan was no longer legally permitted to accept money from Pyrene for the repayment of the loan. Instead, it opted to ask a court in Gibraltar to seize the yacht for a breach of the loan agreement, then auction it off to repay the debt.
The 236 foot Yacht Axiome now on auction is the most charted Yacht in the world.
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About Theo Fruendt:
is working internationally as a Industry photographer with special focus on yacht and charter business. Technical photo / video documentation during various construction stages, PR shooting and drone photo / video. And in his large studio he has been creating product and catalog photos for accessory suppliers and manufacturers for over 20 years.