The bidding for the US$250 million (RM1 billion) luxury vessel Equanimity will begin on Oct 29, and last for a month, until Nov 28.

Lawyers representing 1MDB  said that bidders will have to put in a deposit of US$1 million before bidding.

"Today, we finalised the putting up of the advertisement of the vessel in the local and international media and the terms they had to fulfil with the (court's) sheriff and the High Court in Kuala Lumpur.

"What is important is that they will have a clean title (to the vessel). The deposit is to ensure that we get serious bidders," lawyers Ong Chee Kuan and Jeremy Joseph told reporters outside the court after meeting Judicial Commissioner Khadijah Idris.

The court sheriff is the High Court (Admiralty) deputy registrar.

Jeremy said that upon paying the deposit, the bidders can view the vessel and make the bid.

Ong added that today's application before the High Court is to get the court to approve the terms and conditions of sale, the information to be released to the public regarding the vessel and on the bidding itself which the judge had granted.

"There will be contact details of the central broker and the information on the memorandum will contain some information of the vessel, the bidding process and the legal status," said Ong.

Also present in today's proceeding is the government lawyer senior federal counsel Alice Loke.

On Oct 19, the High Court ruled that 1MDB Energy Holdings Ltd and 1MDB Global Investment Ltd are the rightful owners, after no one challenge the ownership of the luxury vessel which was allegedly purchased by Jho Low.

On Oct 24, Malaysiakini reported that Global Diversified Investment Company Ltd (formerly known as 1MDB Global Investment Ltd) has 53.57 percent stake in the vessel, while 1MDB Energy Holdings Ltd owns the remaining 46.43 percent.

Upon the sale of the vessel, the proceeds will be distributed and paid to 1MDB Energy Holdings and Global Diversified Investment Company in accordance with the percentage.

Bidding process

Ong further explained that the auction or bidding would not be done online as they want to ensure only serious bidders would come forward and thus the required deposit of US$1 million.

Jeremy said after the deposit is paid, the bidders can then view the vessel.

"The bidders would then be given an offer form for them to state their bid and this form would be sealed.

"There is also an appraisal (value of the vessel) form, which is confidential. The envelope of the bidders would be sent to the sheriff. After the bidding process (on Nov 28), the sheriff would open the bids and the appraisal form," he said.

Both of them said the sheriff will then decide which bid comes close to the appraisal or is higher than that.

Ong said the sheriff will then announce the successful bidder, and after that, the buyer has five banking days to pay the 10 percent deposit and another 10 days to come up with the remaining 90 percent.

"Hopefully, by the third week of December, the vessel is disposed off," he said.

Previously, admiralty lawyer Sitpah Selvaratnam, appointed by the government, had said that the vessel would be sold by year-end.

The super-yacht, measuring 91.5 metres in length, had a crew of 17 and was first seized by the Indonesian authorities on Feb 28. It has a helicopter pad and other luxury facilities and former premier Najib Abdul Razak and his wife Rosmah Mansor were said to among those to have experienced them on board.