Disbursement of Alfa Nero Funds Delayed Pending Court Decision

Attorneys representing United States Billionaire and Former Google Boss Eric Schmidt; the man who bought the Alfa Nero, have advised him to wait “a day or two” before he could pay the US$67.6 million to the Antiguan and Barbudan government.

On June 16, Schmidt 68, won the auction in Antigua to buy the luxurious superyacht previously owned by a Russian oligarch. It was expected to be paid seven days after the purchase.

But notes from the Cabinet said that while Schmidt has shown a willingness to dispatch the resources; “because a judicial decision is pending, he was advised by the lawyer, Cabinet was told, to wait a day or two until the Court has decided”

The court is expected to deliver a judgment within days on whether an injunction will be granted to a Russian citizen who is seeking to block the completion of the sale of the Alfa Nero

Two weeks ago, the court allowed two applicants to file for judicial review challenging the Port Authority’s decision to sell the Alfa Nero but that same judge allowed the boat to be sold.

According to court papers, on May 22, Flying Dutchman and Vita Felice applied to prevent the sale of the Alfa Nero. They claimed that the process was unfair, also claiming that the amendments to the Port Authority Act to allow the sale violated their rights under the constitution

An injunction was also filed to stop the auction of the boat but the judge did not grant it.

The government seized the yacht recently after it was abandoned in Falmouth Habour for over a year.

Built in 2007, the 267-foot vessel was initially listed for sale in 2009 for a titanic price tag of $190 million.