In a statement issued on his behalf by his lawyers through the firm Wells Haslem Mayhew Strategic Public Affairs, Low also touched on politics, saying the recent defeat of Pakatan Harapan in two by-elections were due to its incompetence.

Low said: “The bargain-basement sale price accepted by the Mahathir (Mohamad) government for the yacht Equanimity is the final chapter in yet another tale of the regime’s incompetence and disregard for the rule of law.”

He claimed if the government had not “illegally seized” the Equanimity from Indonesia and docked it in “a hazardous environment” at Port Klang, the vessel would have maintained its value and it could have “avoided a fire sale”.

He said proceeds from the sale had been further eroded by expenditure on the vessel’s upkeep costing RM14.3 million.

“It took the Mahathir government twice as long as they promised to sell the yacht, the auction flopped and the ‘transparent’ sales process the Mahathir government committed to at the outset has been subject to multiple abrupt changes – largely forced on the government through their own incompetence.

“The Mahathir government has shown that they are prepared to trash the value of the Equanimity in a misguided attack on their political opponents.

“No wonder recent by-election results demonstrate a growing concern from the Malaysian people.”

Low reiterated that this was a failed public relations stunt.

He included the reason why he was making the statement: It was because although the Equanimity “is owned by Equanimity (Cayman) Ltd”, he had been “inevitably drawn into the media coverage over the yacht’s mishandling by the Malaysian government”.

Low is wanted for questioning in Malaysia and the US over allegations of stealing billions from 1MDB. He is in hiding but has hired lawyers and public relations agencies to protect his public image.