In France, a seized superyacht creates headaches, not just for its owner

In This Article:

* Yachts detained by France, Spain, Germany and Italy

* Running costs can run into millions of dollars per month

* Liability for costs depends on a vessel's legal status

By Layli Foroudi

LA CIOTAT, France, April 4 (Reuters) - In a quiet corner of the French Riviera, La Ciotat Shipyards said it is writing bills for mooring fees for the towering white superyacht Amore Vero, but it doesn't know who to send them to.

Customs agents seized the 86-metre (282-ft) vessel as its crew prepared to sail out of harbour on the night of March 2, two days after the European Union added Igor Sechin, the head of Russian state oil company Rosneft, to its sanctions list for the war in Ukraine.

France's finance ministry says the yacht belongs to a company controlled by Sechin - one of Russian President Vladimir Putin's oldest allies. The ministry declined to name the firm.

But Sechin - in a statement sent to Reuters by Rosneft - denied this.

Finance Minister Bruno Le Maire said France had officially seized the Amore Vero - a measure that officials said gives the state custody over the yacht and leaves costs with the owner.

But authorities have not notified third parties of the vessel's status, leaving it unclear who is responsible for its upkeep, said two companies involved in servicing the yacht. As bills pile up, an executive at La Ciotat Shipyards said the company was unsure how to get paid.

"We're continuing to invoice," said Alice Boisseau, communications officer for La Ciotat Shipyards. Asked who would foot the bill, she said: "We don't know."

Boisseau declined to answer further questions. France's customs agency declined to comment on why it had not informed the shipyards of the yacht's status.

The questions hanging over the Amore Vero point to the complexities authorities face as they target the assets of Putin's allies, and the disruption being brought to some businesses.

In the European Union, oligarchs' financial wealth remains largely untouched, but European states have frozen or seized physical assets, including properties and at least 11 superyachts.

John Dalby, owner of Marine Risk Management, which recovers maritime assets on behalf of insurers and banks, said Mediterranean governments had little experience in the legal intricacies of seizing superyachts.

"There's a lack of cohesion in what people are doing: between state actors and other third parties, like creditors," Dalby said, adding that he had spoken with authorities in the Mediterranean and the United States.