On the contrary, that month Cayman Islands did take possession of oligarch's vessel (5)

I believe the answer is:

yacht

I'm a little stuck... Click here to teach me more about this clue!

'vessel' is the definition.
(yacht is a kind of vessel)

'on the contrary that month cayman islands did take possession of oligarch's' is the wordplay.
'YACHT' is hidden backwards within the letters.
But, I'm unsure how this is indicated.

Can you help me to learn more?

(Other definitions for yacht that I've seen before include "Light sailing-vessel for sport" , "Sailing boat" , "Pleasure craft" , "Luxury purchase" , "Cathy (anag.)" .)

I've seen this clue in The Irish Times.

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