A New York state court has handed down a $134m decision in favour of Pacific Alliance Group (PAG) in a case involving a politically notorious yacht.

Weijian Shan-led PAG, with $45bn under management according to its website, is known in shipping for a shareholding in Hafnia Tankers, investments in the former dry bulk portfolio of Norddeutsche Landesbank and its majority stake in Nordic Shipholding, the Danish tanker owner that is now being wound down.