No fewer than 75 supercars seized from the son of Equatorial Guinea’s President, Teodoro Nguema Obiang Mangue, by the Swiss authorities, were auctioned on Sunday, September 29, 2019.
The cars which included Lamborghinis, Ferraris and Rolls-Royces were auctioned in connection with a money-laundering probe involving the country’s leader who has been in power for over four decades.
The cars were seized along with a Yacht back in 2016. However, the authorities let go of the Yacht in February – with Equatorial Guinea paying authorities in Geneva 1.3 Swiss francs for procedural costs.
One car that stands out in the fleet is the Lamborghini Veneno roadster which is among the only nine units produced. There were speculations that the luxury car which has covered only 325 kilometers could fetch nothing less than 5.2 million Swiss francs.
Another bright star among the lot – a LaFerrari – which featured GT inspiration and Formula 1 was expected to fetch nothing less than 2.6 million Swiss Francs.
Sales made from the auction amounted to $27 million - higher than the $18.5 million estimated.
Mangue who is also the Vice President of Equatorial Guinea is involved in legal battles outside Switzerland. Brazilian authorities withheld luxury watches and €14 million cash undeclared found with his delegation. The said amount is believed to be money embezzled from Equatorial Guinea’s government. A court in Paris also convicted him for embezzling dollars amounting to several millions from public funds.
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Supercars of president's son sold at Swiss auction