Thailand auctions US$18 million superyacht linked to fraud

Thailand is set to auction a luxury superyacht, the 'Atlas', with a starting bid of US$18 million, as authorities intensify efforts to recover funds from extensive money laundering networks. The yacht was seized from fugitive South African financier Benjamin Mauerberger, who, along with his wife Cattaliya Beevor, is wanted by Thai police for alleged fraud and money laundering linked to a bogus investment scheme initiated in 2016.

Prosecutors allege that Mauerberger, also known as Ben Smith, is a central figure in a network that moves substantial amounts of illicit cash from scam operations in Cambodia into various investment vehicles across Southeast Asia, including Thai property and listed companies. To date, Thai authorities have confiscated nearly US$700 million worth of assets attributed to Mauerberger, encompassing shares in major corporations, real estate, luxury vehicles, and other yachts. This seizure exemplifies the significant volume of illicit funds circulating within Thailand's economy, according to financial experts.

The pair reportedly fled Thailand as investigations intensified. Their current whereabouts are unconfirmed, with some reports suggesting they may have sought refuge in Dubai. The auction, part of a four-day event starting Tuesday, will also include a speedboat, with both vessels classified as assets connected to criminal offenses.