A yacht which was used to smuggle £160m worth of cocaine from South America to the UK is set to be sold to the highest bidder.
Officers from the Border Force and National Crime Agency (NCA) intercepted and boarded the ‘MY Kahu’ on September 9 last year in international waters near Guernsey. The six-strong crew was arrested after two tonnes of cocaine worth an estimated £160million was found onboard.
The NCA has now instructed Wilsons Auctions to sell ‘MY Kahu’. Seized under the Proceeds of Crime Act, the ocean-going yacht will be sold to the highest bidder at the auction.
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Four men charged with drug smuggling in relation to the haul were cleared after a trial last month. The Crown Prosecution Service also dropped a similar charge against a fifth defendant.
Andrew Cole, 33, of Norton Road, Stockton-on-Tees, has pleaded guilty to drug smuggling. He will be sentenced on May 26.
The yacht, currently berthed at Torquay Marina, was built in 1979 for the Royal New Zealand Navy. She was converted in 2010 into a pleasure craft and has since made multiple transpacific and transatlantic voyages. The 120ft yacht is said to be worth around £1m.
Wilsons, one of the UK's largest independent auction houses, has a specialist assets recovery department which represents police forces and law enforcement organisations across the UK.
Bidding will start on April 27 at 3pm GMT and close at 3pm the following day. The auction will be online only.
Mark Woods , from the auction house, said: “We are delighted to manage the sale of this high-profile asset. It is reported that around £160m worth of cocaine was found on board MY Kahu and that is why the vessel is now being offered for sale by auction.
“We are proud to facilitate auctions on behalf of our government and law enforcement agency clients. We play an important role in realising a large quantity of assets on behalf of these clients and in recent years, these auctions have seen us responsible in returning £130 million back into the public purse,
“The online element of the auction is extremely convenient for bidders around the world to register and get involved. This will be an exciting one to watch."
Viewing appointments will be available to book via contacting Mark Woods on +44 (0)2890 342626 or emailing markwoods@wilsonsauctions.com.
