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Founder of Porto Cervo’s Yacht Club Costa Smeralda honoured at World Superyacht Awards 2019

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By Katia Damborsky   23 May 2019

His Highness the Aga Khan saw the potential of Sardinia ’s Costa Smeralda as a yachting hub in the 1950’s, and the Costa Smeralda Yacht Club was established as a result of his vision.

Businessman, spiritual leader and philanthropist His Highness the Aga Khan was presented with the Legacy Award at the World Superyacht Awards 2019 in London on May 18.

He was honoured for his discovery and development of the Costa Smeralda region, near Porto Cervo , on the north east portion of Sardinia in the sixties. 

By introducing the Yacht Club Costa Smeralda, he is largely responsible for turning this part of Sardinia into the superyacht magnet it is today. 

He wanted the area to become an exclusive destination for elite travellers, while still maintaining its natural beauty and heritage.

Together with Andrè Ardoin, Giuseppe Kerry Mentasti and Luigi Vietti, the Aga Khan established the Yacht Club Costa Smeralda on 1967 as a sporting centre for fellow sailing enthusiasts looking for a slice of Italian paradise.

Since its inception, the Yacht Club Costa Smeralda has organised a number of international regattas which it went on to host in later years, making the Aga Khan a worthy winner of this prestigious accolade.

The Aga Khan is also noted for his role in the establishment of the Costa Smeralda Consortium in 1962.

Costa Smeralda's Regatta Circuit

This year, the hotly-anticipated Loro Piana Superyacht Regatta 2019 will be back at Yacht Club Costa Smeralda on June 3, marking an important date in the calendar for the Mediterranean yacht charter season.

Over five days, thrilling races will take place around La Maddalena archipelago, which sits just a few kilometres from Sardinia. This scattering of islands creates around 50 fast-paced racing circuits, each of which are complemented by excellent sailing conditions and stunning scenery.

Visiting the Emerald Coast

Those on a superyacht vacation in Italy shouldn’t miss the chance to explore Sardinia, and discover everything this idyllic island has to offer.

On the north eastern tip, Porto Cervo has earned a reputation for its sailing, superyachts and luxury living. It regularly pulls in luxury charter yachts with its countless designer fashion houses, upscale restaurants and chic beach clubs.

Further along the coast lies the Costa Smeralda. With a name which translates to ‘Emerald Coast’, this stretch of shoreline is lapped by the Tyrrhenian sea and promises clear, turquoise water, ivory, sun-baked beaches and plenty of calm, secluded anchorages for charter yachts looking for some peace and quiet.

It’s all too easy to understand why his Highness the Aga Khan fell in love with this Sardinian stretch of coastline all those years ago, and why his legacy will live on as Costa Smeralda continues to delight those exploring on a  West Mediterranean private yacht charter .

If you’d learn more about chartering a superyacht in Sardinia, please reach out to your preferred yacht charter broker .

Alternatively, you can compare all superyachts for charter in Porto Cervo .

Yachts for charter in Porto Cervo

105m Oceanco 2000 / 2023

92m Neorion 2004 / 2023

90m Lurssen 2010 / 2024

82m Abeking & Rasmussen 2013 / 2018

89m Oceanco 2017

84m Feadship 2015 / 2020

92m Feadship 2016

85m Golden Yachts 2018 / 2024

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Solving the performance puzzle of superyacht Smeralda

Meeting Smeralda’s demand for fast ocean crossing ability with high fuel efficiency presented the design team with a range of issues. The formula of long waterline, narrow beam and lightweight construction had to be balanced against stability and a requirement for shallow draught for access to anchorages.

Resolving the naval architecture issues within Espen Øino’s design concept fell to a team of experts at Hanseatic Marine led by Nick Stark.

‘There are a multitude of yards producing large-volume 12 knot displacement boats,’ says Stark. ‘Our challenge was to produce a boat that can reposition quickly and get places others cannot.

‘You can make boats go fast by throwing money and brute force horsepower at them. But that solution is not serviceable in the long term. We were looking to meet the challenge without resorting to something that would burn the owner through cost and maintenance.

‘Achieving a long, narrow boat with the kind of finish that is expected of a yacht of this calibre, and maintaining stability within the bounds of SOLAS rules, involved a tightrope walk, but due diligence and relentless attention to detail yielded results.’

Weight control was critical, which required a high degree of engineering and structural optimisation, while low drag performance required a high degree of hull design optimisation.

This involved extensive use of finite element analysis (FEA) and computational fluid dynamics (CFD) – with much of the code written in-house. A number of hull models were subsequently tested in tanks both at SSPA in Sweden and at the Krylov Institute in St Petersburg – which agreed to rare, if not unique, access for a private application.

Long, narrow shapes are well known to provide low drag efficiency; look no further than top-level rowing shells. But rowing shells also demonstrate the problem: they have minimal stability. So the challenge is to produce a long, narrow hull that can meet the safety requirement of coping with the severe heeling conditions it would face in a Force 10 gale.

With a length to beam ratio of 7.7:1 (77m LOA and 10m beam), Smeralda is not as narrow as some large military vessels, or even the Queen Mary liner. But those examples achieve stability through weight and draught.

Smeralda , says Stark, is 30 to 40 per cent narrower than yachts of a similar size, which generally cruise at 12 to 14 knots, not 22 knots. And she meets the stability requirements with a draught of just 2.6m and a displacement of 560 tonnes.

Stability under way is one thing, but guests demand yachts that lie still in anchorages as well. This is assisted by two pairs of Quantum Zero Speed Ride Control stabilisers – one fore and one aft.

Stability and structural engineering were not the only issues. The reduced volume of the hull shape poses challenges for comfort and accommodation, and the placement of all the machinery and systems that run a yacht of this size.

‘You could always do with a metre or so more in the beam, but we did not allow ourselves that luxury,’ says Stark.

‘Different design and technical terrors strike at different times, but when you see it all come together in the form of a svelte sea creature working as it should, it makes it worthwhile.’

Smeralda is the third yacht in this series, with another 77m sistership already under construction and 82m and 100m versions in development. Stark says the knowledge gained by developing this concept has seen the yard constantly refining its building processes.

‘We are learning all the time, developing a tremendous base of intellectual property and finding better ways of sequencing tasks and understanding how different trades will best operate through the build,’ said Stark.

‘To see the thousands of small details that will probably go completely unnoticed by the world at large and know that they all represent a significant improvement in the overall quality and efficiency of the product is very satisfying,’ he says.

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Exiled russian oligarch’s 257’ superyacht amaryllis seen towed through palm beach.

The Amaryllis being towed past the former mansion of Henry Flagler, built in 1902

By John Jannarone and Alan Hatfield

The 257’ superyacht Amaryllis apparently owned by exiled Russian oligarch Andrey Borodin was towed past Palm Beach, FL on Friday morning, according to a visual account by CorpGov .

The yacht, whose owner is frequently cited as Mr. Borodin by enthusiast publications, moved slowly through the Lake Worth lagoon where bridges were raised for its passage. A towboat with flashing lights about 150 feet ahead pulled the Amaryllis , built by German shipyard Abeking & Rasmussen in 2011.

While CorpGov could not officially confirm Mr. Borodin as the owner of the vessel, his wife, socialite Tatiana Korsakova, has posted dozens of Instagram photos and videos aboard the Amaryllis. A yacht broker interviewed by CorpGov confirmed that Ms. Korsakova is indeed aboard the Amaryllis in the photos and videos.

View this post on Instagram A post shared by Tatiana Korsakova (@tati_vk)

The sighting comes as billions of dollars in Russian-owned yachts have been seized around the world as a result of international sanctions. CNN has published an extensive list of seized vessels, which were taken in harbor cities including Mallorca, Spain and London.

However, it is unclear if the Amaryllis was being seized or voluntarily towed. Very large yachts often choose to be towed because bridges are required to raise for them, according to the yacht broker.

The former Bank of Moscow chief was granted political asylum in the UK in February 2013 after fleeing what he alleged to be politically-motivated fraud and embezzlement charges. Mr. Borodin would go on to be tried and convicted in abstentia in Russian Court in 2018, but not before managing to enlist a number of prominent American lawmakers to lobby Washington for a U.S. visa. Despite Russian extradition requests to the UK government, Borodin’s controversial attempts to make large donations to the NHS, and the uncovering of an assassination plot against his life, the fugitive banker remains overseas, having been granted access to his Swiss bank accounts and having made several notable London real estate purchases during his time in exile.

Mr. Borodin is widely listed as a billionaire, but his total wealth remains difficult to confirm accurately, with the governments of Switzerland and the Bahamas having been asked to help the Russian government in its legal case. In 2012, Borodin purchased the UK’s then-most expensive home, an 80-hectare 18th-century estate in Oxfordshire, for upwards of $217 million. In 2017 he was granted access to personal Swiss accounts holding a reported $378 million. The Amaryllis was purchased for a reported $120 million.

Mr. Borodin did not immediately respond to an emailed query from CorpGov , while the FBI declined to comment. An emailed query to The Department of Homeland Security was not returned.

www.CorpGov.com

[email protected]

Twitter: CorpGovernor

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• Real People Tragedy

'We Are in Shock,' Prominent N.Y.C. Attorney's Firm Says After He and His Wife Go Missing in Yacht Sinking

"Our utmost priority is providing support to the family," a spokesperson for Clifford Chance says

Diane Herbst is a reporter at PEOPLE.

Scott Eells/Bloomberg via Getty

Prominent New York City attorney Christopher Morvillo and his wife, Neda Morvillo, remain missing along with four others after the yacht they were on sank off the coast of Sicily this week following a serious storm.

While search efforts have continued, many of the investigators involved now presume the missing are dead after becoming trapped on the Bayesian as it went into the water early on Monday, Aug. 19.

"We are in shock and deeply saddened by this tragic incident," a spokesperson for Christopher Morvillo's law firm, Clifford Chance, says in a statement to PEOPLE.

"Our thoughts are with our Partner, Christopher Morvillo, and his wife Neda who are among the missing, and with their families," the spokesperson continues.

The Italian coast guard previously said that 22 people were on the Bayesian , including 12 passengers and 10 crew.

Fifteen people were soon rescued after the yacht sank, according to the coast guard, and a body was also retrieved near the vessel and later identified in news reports as the chef, Ricardo Thomas.

Never miss a story — sign up for  PEOPLE's free daily newsletter  to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories.

Scott Eells/Bloomberg/Getty

A source close to the survivors tells PEOPLE that the yacht trip was a celebratory one after British businessman Mike Lynch was acquitted in June in a financial fraud trial in the U.S.

"That's why he took his closest friends and colleagues on the trip," the source says. Lynch remains missing along with his daughter, Hannah; his wife, Angela Bacares, was among those rescued from the yacht.

Christopher Morvillo had represented Lynch in the fraud case. Other firm employees were on the Bayesian as well, according to the Clifford Chance spokesperson.

"Our utmost priority is providing support to the family as well as our colleague Ayla Ronald, who together with her partner, thankfully survived the incident," the spokesperson says in their statement. "Our thoughts extend to the other passengers and crew and all those affected. We have no further comment at this time. We, and the families, ask that their request for privacy is honored during this period."

Morvillo's biography on the Clifford Chance website details extensive legal experience: A New York-based attorney, he previously worked as a federal prosecutor and "assisted in the criminal investigation arising out of the September 11, 2001 terrorist attacks," among other trials.

His wife, Neda, has been described by news outlets including the BBC as a a designer of fine jewelry.

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Russian Company SMERALDA

Brief profile.

liquidated Commercial

Facts to Consider

Termination of the activities of a legal entity in connection with the exclusion from the Unified State Register of Legal Entities on the basis of paragraph 2 of Article 21.1 of the Federal Law of 08.08.2001 No. 129-FZ.

Complete Profile

• 1. General Information
• 2. Registration in the Russian Federation
• 3. Company's Activities
• 4. Legal Address
• 5. Owners, Founders of the Entity
• 6. SMERALDA CEO
• 7. Entities Founded by Company
• 8. Company Finance
• 9. Timeline of key events
• 10. Latest Changes in the Unified State Register of Legal Entities (USRLE)

General Information

Full name of the organization: OBSHCHESTVO S OGRANICHENNOI OTVETSTVENNOSTIU SMERALDA

TIN: 7716044964

KPP: 771601010

PSRN: 5087746584855

Location: 129344, Moscow, ul. Eniseiskaia, 10

Organization status: Commercial, termination of the activities of a legal entity in connection with the exclusion from the Unified State Register of Legal Entities on the basis of paragraph 2 of Article 21.1 of the Federal Law of 08.08.2001 No. 129-FZ

Form of incorporation: Limited liability companies (code 12300 according to OKOPF)

Registration in the Russian Federation

The organization OBSHCHESTVO S OGRANICHENNOI OTVETSTVENNOSTIU SMERALDA was registered in the Unified State Register of Legal Entities 29 years ago 15 March 1995.

The tax authority where the legal entity was registered: Inspektsiia Federalnoi nalogovoi sluzhby № 16 po g. Moskve (inspection code – 7716).

Company's Activities

Legal address.

SMERALDA is registered at 129344, Moscow, ul. Eniseiskaia, 10. ( show on a map )

The following organizations were also registered at this address:

• OOO "UK"PARTNER" (before address change 03/09/2023)
• VALTREID (liquidated 10/30/2017)

Owners, Founders of the Entity

The founder of SMERALDA is

SMERALDA CEO

The head of the organization (a person who has the right to act on behalf of a legal entity without a power of attorney) since 13 December 2008 is director Kolesov Nikolai Alekseevich .

Entities Founded by Company

SMERALDA is not listed as a founder in any Russian legal entities.

Company Finance

The Unit trust of SMERALDA is 2.1 thousand RUB. Currently, the legislation establishes the minimum authorized capital for LTD in the amount of 10 thousand RUB.

The organization is not subject to special taxation regimes (operates under a common regime).

Timeline of key events

• The organization was liquidated.
• Head of the organization – Kolesov Nikolai Alekseevich .

Latest Changes in the Unified State Register of Legal Entities (USRLE)

• 12/13/2008 . Entering into the Unified State Register of Legal Entities information about a legal entity created before 07/01/2002, according to the information of the tax authorities.

The data presented on this page have been obtained from official sources: the Unified State Register of Legal Entities (USRLE), the State Information Resource for Financial Statements, the website of the Federal Tax Service (FTS), the Ministry of Finance and the Federal State Statistics Service.

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Who Was on the Sunken Yacht? Tech Mogul Mike Lynch, His Family and Friends.

Mr. Lynch, the former chief executive of the software firm Autonomy, who was acquitted on fraud charges in June, was with friends and family when the yacht went down in a severe storm.

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By Michael J. de la Merced

Michael de la Merced reported on Mike Lynch’s career and legal battles over the course of 13 years across two continents.

A cruise on the Mediterranean Sea aboard a superyacht was supposed to be a celebratory event for the British tech entrepreneur Mike Lynch , who was acquitted in June of fraud charges tied to the sale of his company, Autonomy, to the tech giant Hewlett-Packard.

Instead, it turned into a disaster after the yacht, a 180-foot boat called the Bayesian, sank off the coast of Sicily in a violent storm. Of the 22 people aboard, 15 were rescued and seven others died . Search operations ended on Friday after the final body was recovered from the site of the sunken yacht .

Here’s what we know about the passengers.

Mike Lynch and his family

Mr. Lynch, 59, is a British software entrepreneur who had once been described as his country’s Bill Gates. He founded the software firm Autonomy, which analyzed clients’ unorganized data, and turned it into one of the most prominent British technology companies of its time. He became a widely known corporate leader, who advised David Cameron, the British prime minister at the time, and joined the board of the BBC.

In 2011, Mr. Lynch sold Autonomy to Hewlett-Packard for $11 billion, which was far above its market value, earning him hundreds of millions. But HP investors almost immediately soured on the transaction, and the American tech giant quickly fired its chief executive — and then Mr. Lynch.

HP later accused Mr. Lynch of misleading it about the state of Autonomy’s business, setting off a decade-long legal ordeal for the British executive, who denied the accusations. U.S. prosecutors charged him and other executives with fraud, and Autonomy’s chief financial officer was convicted in 2018.

Despite appeals to the British government, Mr. Lynch was extradited to the United States last year and was confined to a townhouse in San Francisco ahead of his criminal trial, which began in March. Facing the possibility of decades in prison if convicted, Mr. Lynch and another colleague were instead acquitted of all charges.

An official in Palermo, Sicily’s capital, said on Thursday that Mr. Lynch’s body had been recovered. His wife, Angela Bacares, 57, accompanied him on the yacht, and she was rescued on Monday when it sank. She was a consistent presence at his trial in the United States. Records show that she controlled Revtom, the company listed as the owner of the Bayesian.

The body of Hannah Lynch , Mr. Lynch and Ms. Bacares’s 18-year-old daughter, was thought to be recovered on Friday.

The other guests

Jonathan Bloomer, 70, chair of Morgan Stanley’s international arm and the chairman of Hiscox, an insurance provider that trades on the London Stock Exchange, was on the yacht when it sank, along with his wife, Judy Bloomer, 71. Their bodies are thought to be among those recovered, but Italian authorities have not identified them.

Christopher J. Morvillo, 59, a New York-based partner at the international law firm Clifford Chance, was also on the yacht. A former federal prosecutor who comes from a family of prominent lawyers, Mr. Morvillo represented Mr. Lynch during his criminal trial in San Francisco. His wife, Neda, 57, was with him on the yacht. Their bodies are also assumed to be among those recovered.

“We are in shock and deeply saddened by this tragic incident,” a representative of Clifford Chance said in a statement.

Surviving passengers rescued from the yacht include Charlotte Golunski, a partner at Mr. Lynch’s venture firm, Invoke Capital; Ms. Golunski’s husband, James Emslie; and their one-year-old daughter Sophie. Also rescued were Ayla Ronald, a lawyer at Clifford Chance, and her partner, Matthew Fletcher.

The yacht had a crew of 10, and nine were rescued. The body of the chef, Recaldo Thomas, was recovered from the water, the Sicilian Civil Protection Department said.

Elisabetta Povoledo contributed reporting, and Kitty Bennett and Susan Campbell Beachy contributed research.

Michael J. de la Merced has covered global business and finance news for The Times since 2006. More about Michael J. de la Merced

Mike Lynch death: Tributes flow for Autonomy cofounder and ‘creator of dreams’

It has now been confirmed that Mike Lynch, one of the most prominent and controversial figures in the U.K. tech scene, died in the sinking of his superyacht off Sicily on Monday. At least five others also died when the vessel capsized in a violent storm; Lynch’s teenage daughter Hannah remains missing.

I encourage you to read my colleague Ryan Hogg’s obituary of Lynch , who I was writing about just a couple weeks ago in the context of his legal travails. Following a lengthy extradition drama, Lynch, 59, was acquitted in June of criminal fraud charges relating to the sale of his data software firm Autonomy to Hewlett-Packard in 2011. Indeed, his fateful trip with family, friends and lawyers was reportedly a celebration of that victory.

Morgan Stanley International chair Jonathan Bloomer, who had chaired Autonomy’s audit committee during the HP sale, and who testified in Lynch’s defense, also died in the sinking of the Bayesian. In a grotesque coincidence, Lynch’s also-acquitted codefendant in the U.S. trial, former Autonomy finance VP Stephen Chamberlain, was fatally struck by a car while jogging in England on Saturday.

Although he was acquitted in the U.S., a U.K. civil case over Autonomy’s misrepresentation of its financials to HP resulted in a ruling that Lynch had known what was going on. As a result, Hewlett Packard Enterprise (which has been handling the case since it was spun out of HP in 2015) had been hoping to recoup billions of dollars from Lynch and former Autonomy CFO Sushovan Hussain, who received a five-year sentence in the U.S. over the affair.

“We’re saddened by this tragic event and our thoughts are with the families and friends of all those who lost their lives,” said an HPE spokesman, while declining to comment on the future of the legal proceedings.

Friends say Lynch had been at the “beginning of a new life” following his U.S. acquittal, and many tributes followed the confirmation of his passing.

“The world has lost a genius. His family have lost a giant of a man,” said Autonomy cofounder David Tabizel.

“Mike Lynch should be remembered as the person who catalyzed a breed of deep tech entrepreneurs in the U.K.,” said John Browne, the former BP CEO and the chair of the Francis Crick Institute, a biomedical research center for which Lynch once helped to raise funds. “His ideas and his personal vision were a powerful contribution to science and technology in both Britain and globally. I send my condolences to those close to him. We have lost a human being of great ability.”

David Yelland, the former editor of The Sun and Lynch’s public relations advisor, said Lynch was “failed in life by his country and his peers when he needed them most—as he looked for help in the unjust U.S. demand that he be extradited—and he has then suffered the most unfair and brutal of fates.”

“I was in touch with Mike just before he sailed,” Yelland wrote on X . “He wasn’t a mere dreamer of dreams, he was a creator of dreams not just for himself but for all those that knew him, worked with him or invested with him.”

Lynch was a fellow of the Royal Academy of Engineering, the board of which said it was “deeply saddened” to hear of his death. A spokesperson from industry body TechUK told the Evening Standard that Lynch had been “a hugely significant and pioneering figure in the U.K. technology sector.”

More news below. And do read my colleague Eleanor Pringle’s piece on X’s true owners , whose identities have just been revealed in the context of a lawsuit by former employees. Bill Ackman is no surprise, but the same can’t be said for Diddy.

David Meyer

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Walmart sells JD.com stake. Walmart has sold its entire $3.7 billion stake in the Chinese e-commerce giant JD.com and says it will focus on its own Chinese operations now. As Reuters reports , the move may have something to do with how the ultra-competitive nature of Chinese e-commerce squeezes profit margins. Walmart has in recent years been pulling out of a few international markets where it can’t turn a decent profit.

Head-to-head spectacle. The second half of next month will see the unveiling of not one but two big plays in the augmented reality glasses space, The Verge reports . Snap will apparently show off the fifth generation of its Spectacles on Sept. 17, with Mark Zuckerberg revealing Meta’s entry into the AR specs business the following week. Meta’s effort is code-named Orion.

Google targeting teens. Not long after the Financial Times reported that Google broke its own rules by letting Meta target teens with its YouTube ads, Adweek reports that this was no one-off. Citing three ad buyers, plus written documentation, the publication says Google’s salespeople have been advising ad buyers on how to reach teenagers despite the fact that Google doesn’t allow targeting that age group. The key, it seems, is to target the cohort of “unknown” users, about whom Google doesn’t know age or other details, as teens are probably included in the group. Google says it will remind its reps not to help agencies and advertisers skirt the company’s rules.

SIGNIFICANT FIGURES

—The estimated number of trees felled to make space for Tesla’s gigafactory outside Berlin. That’s according to environmental intelligence company Kayrros; many environmental campaigners oppose the plant.

IN CASE YOU MISSED IT

Russian users get locked out of Telegram and WhatsApp as Moscow intensifies internet censorship , by AFP

Another Tesla veteran resigned, writing it was ‘definitely not for the faint of heart’ , by Amanda Gerut

Tech CEO swears off Silicon Valley’s latest craze: ‘I really f—– hate generative AI’ , by Chloe Berger

Andreessen Horowitz leads $80 million bet on startup seeking to tame AI with copyright , by Jeff John Roberts

Taxpayers and tech companies will help fund journalism and AI research in landmark California deal , by the Associated Press

BEFORE YOU GO

Plans laid for new streamer. There’s reportedly going to be a new streaming service in town, coming from…Chick-fil-A? According to Deadline , the fast-food company has been talking to big production companies about the creation of original, family-friendly content, with a tilt towards reality TV. The publication notes that Chick-fil-A has made content for its own website before, but this would be something else—and it could be a boon for the ailing reality TV sector.

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