An auction house in Switzerland will sell 25 luxury cars, including Ferraris, Rolls-Royces and Lamborghini that the authorities of Geneva have seized by the son of the President of Equatorial Guinea in a money laundering test.
Swiss authorities say that auctioneer Bonhams is expected to raise around £ 15.2 million (18.5 million Swiss francs) on Sunday, with the proceeds going to charity to benefit the people of oil-rich Equatorial Guinea.
The sale takes place at the Bonmont Golf & Country Club in Cheserex near Geneva, Switzerland
The auction comes after the Geneva public prosecutor announced in February that it had closed a case against Teodoro Nguema Obiang Mangue, the son of the country's four-decades president, Teodoro Obiang, and two others after a probe of money laundering and public administration maladministration assets.
Swiss authorities seized the cars & ordered the sequestration of a yacht in 2016.
An auction house in Switzerland will sell 25 luxury cars, including Ferraris, Rolls-Royces and Lamborghinis that the Geneva authorities have seized from the son of the President of Equatorial Guinea in a money laundering test.
A white and cream-colored Lamborghini Veneno roadster, one of only nine such versions, is expected to be the star of the auction. After having driven only 325 kilometers, it is expected to reach at least £ 4.3 million
The supercar sale is taking place today at the Bonmont Golf and Country Club in Cheserex near Geneva, Switzerland. Pictured: a Ferrari Enzo from 2003, named after the Italian founder of the company
Teodoro Nguema Obiang Mangue (photo), son of the four decade president of Equatorial Guinea, Teodoro Obiang, was questioned for money laundering and mismanagement of public assets, which led to the seizure of the luxury car fleet. s
The yacht was released in the arrangement announced in February, under which Equatorial Guinea agreed to pay £ 1.1 million to the Geneva authorities & # 39; in particular to cover procedural costs & # 39 ;, the public prosecutor said.
The striking feature in the auction is a white and cream-colored Lamborghini Veneno roadster, one of only nine such versions that has been produced, which has driven only 325 kilometers (201 miles), says Bonhams. This is expected to yield a minimum of £ 4.3 million.
A Ferrari & # 39; LaFerrari & # 39; – with Formula 1 and GT inspiration – will raise at least £ 2.1 million.
The son of the President of Equatorial Guinea, who is also a vice-president, has become entangled in legal problems elsewhere. Last year, Brazilian officials said that $ 16 million (£ 13 million) of undeclared cash and luxury watches seized by a delegation he led may have been part of an attempt to launder money from the country's government to wash.
A 2015 shiny yellow Ferrari LaFerrari and a 2016 cobalt blue Bugatti Veyron EB 16.4 Coupé are sitting in the courtyard of the Bonmont Golf and Country Club in Cheserex near Geneva, Switzerland earlier today.
A 2015 two-door Ferrari F12tdf, which stands for Tour de France, is also part of the auction. Even before the majority of the 799 models came off the assembly line, they were all already sold
An Aston Martin One-77 Coupé from 2011, which was sold for the first release for around £ 1 million, will also go under the hammer today
Admirers inspect a Koenigsegg One: 1 model car from 2015 during the auction preview for the Bonmont hotel in Cheserex. His V8 engine helped produce a top speed of 248 mph, while his name, One: 1, is derived from the horsepower-to-kilogram weight ratio
When the Swiss authorities seized the cars in 2016, they also ordered the sequestration of a yacht. However, it was later released in a scheme whereby Equatorial Guinea agreed to pay the Geneva authorities £ 1.1 million "in particular to cover procedural costs". Shown: A McLaren P1 Coupe (2014)
The son of the President of Equatorial Guinea, who is also a vice-president, has become entangled in legal problems elsewhere. Last year, Brazilian officials said that $ 16 million (£ 13 million) of undeclared cash and luxury watches seized by a delegation he led may have been part of an attempt to launder money from the country's government to wash
Auctioneer Bonhams is expected to raise around £ 15.2 million (18.5 million Swiss francs), the proceeds of which go to charity to benefit the people of oil-rich Equatorial Guinea
And a Paris court in 2017 condemned the president's son for failing to misappropriate tens of millions of euros from his government and laundering the proceeds in France.
The court sentenced Teodoro Nguema Obiang Mangue, known as Teodorin, who is also vice-president of Equatorial Guinea, to a suspended sentence of three years and a suspended fine of € 30 million (US $ 35 million). The court has seized his assets in France with a value of more than € 100 million.
"This verdict against Teodorin Obiang is further evidence that rampant government corruption in Equatorial Guinea has robbed its people of their country's oil-rich wealth," said Sarah Saadoun, business and human rights researcher at Human Rights Watch.
& # 39; The French government must repatriate the money and ensure that it goes to important services where it should have been spent. & # 39;
An appeal has been lodged against the case.
The Geneva public prosecutor in February cited rules allowing prosecutors to close cases in which the person under investigation had repaired the damage or had done everything that could be expected of him or her to make up for the wrong caused & # 39; .
The investigation covered authorities in the United States, the Cayman Islands, France, Monaco, Denmark, the Netherlands and the Marshall Islands.
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