31 Mar, 2022 @ 15:45
1 min read

JP Morgan behind Russian superyacht seizure in Gibraltar

Charter Axioma Yacht
Axioma yacht from charterworld.com website

THE investment bank, JP Morgan Chase is behind the recent seizure of a Russian superyacht in Gibraltar.

The banking giant won a court order allowing the Gibraltar port authority to seize the 73-metre yacht Axioma owned by Russian oligarch Dmitry Pumpyansky.

Pumpyansky, a billionaire steel magnante, is one of many Russian oligarchs whose assets have been frozen by the British government.

The six-deck yacht, which boasts an infinity pool, a jacuzzi and a cinema, had been on a three week voyage across the Atlantic when sanctions were imposed.

It requested permission to dock in Gibraltar which was granted with the ship being seized shortly after.

Charter Axioma Yacht
The Axioma yacht was on a voyage through the Atlantic.
Photo: charterworld.com

The Gibraltar government said: “JPMorgan won the court order allowing port authorities in Gibraltar to seize the yacht, called Axioma, and it is acting pursuant to its mortgage rights.”

When the boat was first seized on March 21, Gibraltar’s government announced it was taking action on a docked ship ‘confirmed to be the subject of an arrest action by a leading international bank in the Supreme Court of Gibraltar.’

The Gibraltar government said that the extraordinary measures were taken in the interests of creditors with claims against the vessel.

Several mega yachts have been seized from Spanish ports in recent weeks whilst others, including a €600 million yacht owned by Roman Abramovich, have hastily set sail from Spanish waters.

JP Morgan is yet to comment on the seizure.

Pumpyansky is the owner and chairman of OAO, a Russian manufacturer of steel pipes and was added to the list of Russian oligarchs sanctioned by the US, UK, and EU earlier this month.


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