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Switzerland To Auction 75 Luxury Cars Worth N6.8Billion Seized From The Son Of A President In Africa

The government of Swizerland has appointed an auction house to sell a collection of luxury cars impounded from the son of Equatorial Guinea's president accused of money laundering. 

According to Aljazeera live, the auction is coming after after the Geneva prosecutor's office announced in February it had closed a case against Teodoro Nguema Obiang Mangue - son of the country's president of 40 years, Teodoro Obiang Nguema Mbasogo and two others following an investigation of money laundering and mismanagement of public assets. 

In line with money-laundering investigation, his collection of luxury cars are among which are up for sale. An auction house in Switzerland would be selling to those willing to bid. 

"The 25 cars include Ferraris and Lamborghinis, are expected to bring in 18.5 million Swiss francs ($18.7m) - N6.7 Billion on Sunday, according to the auctioneer, Bonhams." Aljazeera Live reported.

This is an exceptional sale," Philip Kantor, head of European motoring at Bonhams, told AFP news agency. "It's a private collection of supercars, with very low mileage"

Teodoro Obiang Nguema Mangue who was a Minister for agricultire for 15 years and now the vice president of Equotarial Guinea since 2012 had a monthly salary of £2.700. 

It could be recalled that many countries confisticated millions of dollars from Teodoro Obiang. In 2018, Brazil seized $16.5m from Teodoro Obiang. 

USA in 2011 seized $70m from him as laundered money.The Netherlands also seized his $100m yacht in 2016. 

On October 18, 2016, Switzerland started investigating Obiang after he arrived 8 times in Geneva. France asked for them to work together to nail him

Teodoro Obiang was reported to have spent R10 million in one weekend in South Africa on Champagne, a black 2004 Bentley Arnage, a cream 2005 Bentley Continental R and a 2005 Lamborghini Murcielago.

In 2005 he was captured by a french paparazzi 'Le Figaro'-- "on a Superyacht Tatoosh hired for $700,000 to go on a Christmas cruise with Rapper Eve in 2005."

He was reported to also owns two houses in South Africa worth R50 million.A $31 million compound in Malibu, Ca, USA.

"In 2015, Obiang took over $150 million 295 feet super yacht Ice. Its home port is Gibraltar, but is moored at Tangiers, Morocco.

Teodoro Nguema Obiang Mangue owns a 5,000 square feet (460 m2) home on Avenue Foch in Paris, France and the record label, TNO Entertainment.

In 2008, he purchased 1 of the 30 Bugatti Veyron 16.4 sports cars for €1.1 million and a Maserati MC 12 for €700,000." A witness for Geneva prosecutor's office said dutimg the hearing. 

Obiang purchased another Bugatti Veyron, and tried to purchase a third. In 2011, both Veyrons and others 9 cars of his were seized by French police investigating a corruption case. In July 2013, the confiscated goods were sold by France.

Content created and supplied by: ChronicleProgression (via Opera News )

Aljazeera Bonhams Philip Kantor Switzerland Teodoro Obiang Nguema Mbasogo


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