British territory impounded Russian billionaire's super-yacht

A Russian billionaire's super-yacht was impounded in Gibraltar because he still owes millions of dollars on it, officials said Monday.

The vessel, belonging to Andrey Melnichenko and registered in Bermuda, has been held in the British territory for almost a week because of $16 million in outstanding fees.

The fees include a partial payment for the yacht itself, as well as contractor and interest fees.

The yacht measures 470 feet in length, weighs more than 12,500 in tonnage, has three masts and cost about $425 million. It was built by German shipbuilder Nobiskrug.

Source: http://www.upi.com/Top_News/World-News/2017/02/20/British-territory-seizes-Russian-billionaires-super-yacht/8061487615985/?utm_source=sec&utm_campaign=sl&utm_medium=1