Going, going, gone! $40 million in seized supercars auctioned

Going, going, gone! $40 million in seized supercars auctioned

In 2016, Swiss authorities seized the cars and ordered the sequestration of a yacht.

The yacht was released in an arrangement announced in February under which Equatorial Guinea agreed to pay Geneva authorities 1.3 million Swiss francs “notably to cover procedural costs”, the prosecutor’s office said.

Under the hammer: cars owned by Teodoro Obiang, the son of Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo.¬†AP

Other cars sold at the Domaine de Bonmmont golf club on the edge of Geneva included a yellow 2003 Ferrari Enzo for 3.1 million francs, and a 2015 Koenigsegg One:1 that fetched 4.6 million francs.

An armoured 1998 Rolls-Royce Silver Spur limousine described as being “perfect for someone with enemies” but requiring extensive work sold for 86,250 francs.

The Equatorial Guinea president’s son, who is also a vice president, has been ensnared in legal trouble elsewhere. Last year, Brazilian officials said $US16 million in undeclared cash and luxury watches that were seized from a delegation he led may have been part of an effort to launder money embezzled from the country’s government. And a Paris court in 2017 convicted him of embezzling millions of dollars in public money, although the case has been appealed.

The Geneva prosecutor’s office in February cited rules allowing prosecutors to close cases in which the person under investigation had repaired the damage or done everything that could have been expected of him or her to make up for the wrong that was caused.

The investigation involved authorities in the United States, the Cayman Islands, France, Monaco, Denmark, the Netherlands and the Marshall Islands.

AAP

Original Article Source…

Close Menu
Do NOT follow this link or you will be banned from the site!