Gibraltar Government plans to auction seized Axioma luxury yacht on plea of US investment bank JP Morgan, which claims that yacht’s owner Mr Dmitry Pumpyansky, owes it more than GBP 17 million. Axioma was seized by the Gibraltar Government after docking in Gibraltar in March. A spokesperson for Gibraltar Courts Service said “The Axioma was arrested following the filing of an admiralty claim in the supreme court. Given that the sale is by auction, pursuant to an order of the court, the Admiralty marshal cannot say how much it is expected to sell for or how many people have expressed interest.”Mr Nigel Hollyer, the broker to the Admiralty marshal of the supreme court of Gibraltar leading the auction, said that there has been an unexpected late surge by prospective buyers and more than 30 had flown to Gibraltar to inspect the yacht in person.JP Morgan said the fact the Mr Dmitry Pumpyansky had been subjected to sanctions meant the terms of the loan had been breached because it legally could not accept loan repayments from Pyrene, and asked the Gibraltar courts to detain and sell the yacht.Mr Dmitry Pumpyansky, the owner and chairman of the steel pipe manufacturer TMK was subjected to sanctions by the UK, EU and the US after the invasion of Ukraine due to connections with Russian President Vladimir Putin. 58 year old Mr Pumpyansky graduated from the Kirov Ural Polytechnic Institute in 1986 and earned a Candidate of Sciences (Engineering) and a Doctor of Science (Economics). Mr Pumpyansky started as a metals trader, then ran several metal factories, then took over the Sinarsky Pipe Factory. Mr Pumpyansky joined TMK in 2002.] Together with fellow billionaires Mr Sergei Popov and Mr Andrey Melnichenko, they bought the company, and he bought them out in 2006, becoming the 100% owner. Making pipes became the source of Mr Pumpyansky's wealth. His TMK, a supplier to Gazprom since 1998, is No.1 in Russia. He was the chairman of TMK. On the 9th of March, 2022 TMK said in a statement that Pumpyansky is no longer a beneficiary of the Russian pipe manufacturer and has resigned from the company's board of directors. In 2011 Mr Pumpyansky's JV with Siemens won USD 2.7 billion contract from Russian Railways to deliver modern trains called Lastochka, swallow bird. His companies also gave a face lift to a stadium that hosted the 2018 World Cup in Ekaterinburg.The 72.5 meter Axioma features six luxurious guest cabins, a swimming pool, a 3D cinema room, gym, Jacuzzi and a fully equipped spa. The yacht, which was designed by the famed super yacht designer Alberto Pinto, was built by Dunya Yachts in Turkey in 2013. The boat, which was originally named Red Square before being renamed Axioma, was available for other millionaires to charter for USD 558,500 a week. The debut build from Dunya Yachts, AXIOMA embodies the world’s top superyacht craftsmanship, engineering and materials, making her a standard-bearer of the shipyard’s pedigree.