Nearly two years since the cancellation of an initial auction, the seized yacht Royal Romance is closer to sale again.
According to Ukraine’s Asset Recovery and Management Agency (ARMA), the official listing is pending a ruling from a Croatian judge. The 303-footer (92-meter) is in Croatian waters, arrested there in 2022. The court currently reviewing the case received it following a pre-trial investigation and indictment by a Ukrainian judge. That indictment transferred to the Croatian court through Ukraine’s Office of the Prosecutor General. The indictment further allowed management of the yacht transferring to ARMA.
Simultaneously, ARMA says it’s determining the value of the seized yacht and evaluating the selling model. The agency is striving for “a transparent sales procedure through public mechanisms,” it says. Overall, ARMA adds, it has “a clear roadmap—from the recognition of a Ukrainian court decision to the sale of the asset and the transfer of proceeds to state accounts, with their subsequent distribution between jurisdictions.”
Should the Croatian judge permit a sale, it will be the third time that ARMA has pursued this path. In April 2024, the agency announced Netherlands-based Troostwijk Auctions had secured auction rights on its behalf for Royal Romance. However, the auction house allegedly failed to meet a deadline for providing details on the process. As a result, the following month, ARMA revealed that Boathouse Auctions would oversee the sale. But, that, too, didn’t proceed. A Croatian court cancelled it within two months, due to lacking a criminal indictment from the Ukrainian Prosecutor General’s Office.
Even with current court decisions in its favor, ARMA notes “increased procedural resistance” from representatives for the owner. The ultimate beneficial owner is reportedly Viktor Medvedchuk. A pro-Kremlin, former Ukrainian politician, Medvedchuk has been under international sanctions since Russia’s invasion of Ukraine. Ukraine sanctioned him in early 2021 as well for suspicion of financing terrorism. He’s further been under U.S. sanctions since 2014 for undermining Ukrainian sovereignty. ARMA says the resistance particularly includes attempts to delay the process “and the use of all possible legal instruments to block the progress of the case.” The maneuvering “is an expected element of such processes,” the agency adds.
Royal Romance is among multiple assets connected to Medvedchuk. Notably, ARMA claims another yacht, Amore Mio, links to his circle. ARMA says it has been working with international partners, especially Interpol and the IMO, to locate her. The 145-footer (48-meter) is now in Interpol’s Stolen Vessels database, which international law-enforcement officials can access.
Victor Maitland
What price will the auction bid start at?
Vi
Diane M. Byrne
As mentioned, ARMA is in the process of determining the value and best way to proceed with the sale.