This archive report was first published on 28 September 2019.
Published on September 28, 2019, Swiss authorities are set to auction off 25 luxury cars seized from the son of Equatorial Guinea's President Teodoro Obiang Nguema.
The cars, which include seven Ferraris, three Lamborghinis, five Bentleys, a Maserati, and a McLaren, were confiscated by Swiss justice after the opening of a financial wrongdoing case against Teodorin Obiang Nguema in 2016.
Philip Kantor, of British auctioneers Bonhams, described the sale as 'an exceptional sale' due to the low mileage of the vehicles.
The most expensive lots are a Lamborghini Veneno Roadster, valued at between 4.8 million and 5.7 million euros ($5.2-6.2 million), and a yellow Ferrari hybrid at 2.4-2.6 million euros.
Swiss prosecutors dropped charges of financial wrongdoing against Teodorin Obiang Nguema in February but confiscated the luxury cars as part of the case.
Equatorial Guinea has agreed to give Geneva 1.3 million Swiss francs to cover the costs of the case.
Teodorin Obiang Nguema has a reputation for a playboy lifestyle and was convicted of siphoning off public money to buy assets in France in 2017.
