One of the largest and most advanced superyachts in the world, owned by Russian oligarch Andrey Melnichenko, was temporarily seized over an unsettled bill dispute between the billionaire and the yacht’s German builder.
Gibraltar authorities confirmed on Monday that the "Sailing Yacht A", reported to have cost at least €400m, was “under arrest” after Nobiskrug, its German manufacturer, claimed Mr Melnichenko still owed an eye-watering £13 million to the company.
“In the volatile world of shipping, particularly in the recent economic downturn, disputes and defaults are an unfortunate fact of life,” the Gibraltar Port Authority said on its website.
“[Ship arrest] isn’t an attractive proposition, and clearly it’s an action of last resort but, when handled efficiently and swiftly, it can at least deliver a safe resolution to a dispute and bring matters to a close.”
A spokesperson for Mr Melnichenko told the Independent that the "unfortunate" incident had been resolved on Tuesday.
"The yacht will now be handed over to the owner's project team and will leave Gibraltar shortly," he said.
The yacht was designed by Philippe Starck. According to Nobiskrug, the luxury sea-cruiser is 143m (469ft) long, with a mast of 90 meters (295 feet) in height, it also features an underwater observation pod, hybrid diesel-electric propulsion and "state-of-the-art" navigation systems.
The German shipbuilder's website describes the yacht as "the most advanced sail-assisted superyacht ever built."
Nobiskrug turned down requests for comment from AP, citing legal arrangements with the client.
