Obiang supercars in fraud scam set to fetch millions
A collection of luxury cars confiscated from the son of Equatorial Guinea’s president Teodoro Obiang Nguema following connections to money-laundering are estimated to fetch 18.5 million Swiss francs ($18.67 million, €17.06 million) this weekend, according to Bonhams auction house.
The 25 cars, which were owned by Teodorin Nguema Obiang, will be auctioned on behalf of the state of Geneva, which plans to use the funds from the auction to fund social programs in the former Spanish colony.
A Lamborghini Veneno Roadster is one of the cars which belonged to Teodorin Obiang
Billed as “the Supercar Collection,” the vehicles are on display alongside 50 other luxury cars at the prestigious Bonmont golf and country club in the Swiss village of Cheserex, ahead of the auction on Sunday.
“We do have a collection of cars from the state of Geneva. confirmed James Knight, group chairman of Bonhams Motoring Department, before adding that the 12th-Century abbey where the auction will take place was “a great setting.”
The Obiang cars do not have a minimum reserve price and have drawn interest from collectors in Europe, the United States, the Middle East, and Far East, stated Knight.
All but one of the 26 cars from the Obiang collection will be subject to import tax if they remain in Switzerland
Supercars seized as part of money-laundering investigation
The Geneva police seized the 25 Ferraris, Lamborginis, Bentleys, and Rolls-Royces in 2016 during an investigation into Teodorin Obiang’s activities regarding money laundering and improper management of public funds from Equatorial Guinea.
Following inquiries which stretched across multiple countries’ judiciaries including known off-shore tax havens such as the Cayman and Marshall Islands, Obiang and the Swiss Public Prosecutors Office reached an agreement to auction the vehicles and use the proceeds to fund social programs.
Read more: The ‘who’s who’ of European tax havens
According to a statement released by the Swiss ministry in February 2019 the program will be implemented transparently on the basis of an international agreement negotiated by the Swiss Federal Department of Foreign Affairs.
The Equatorial Guinea government was also ordered to pay the State of Geneva 1.3 million Swiss Francs, the majority of which will cover the cost of the auction.
Who is Teodorin Nguema Obiang?
Teodorin Obiang Nguema was named the country’s vice president by his father
Teodorin is the son of President Teodoro Obiang Nguema Mbasogo, who has ruled the west African state for four decades. Rights groups have labelled his administration one the world’s most corrupt and repressive, accusing it of misusing the country’s oil revenue while around 76% of the country’s 1.2 million population live in poverty.
Despite this, the 49-year-old, who was named Equatorial Guinea’s vice president by his father, leads a lavish lifestyle funded by alleged corruption. He often posts photographs showcasing his wealth on his Instagram account under the handle “teddynguema” where he has over 90,000 followers.
A history of corruption
His wealth and fame, however, have not offered protection from authorities seeking to clamp down on his corruption. In 2017, he was handed a three-year suspended sentence for corruption by the French government.
In addition, French authorities seized a mansion on the prestigious Avenue Foch in Paris and handed him a suspended fine of €30 million.
Only last year Brazilian authorities confiscated more than $16 million worth of luxury watches engraved with Obiang’s initials, as well as cash from a delegation accompanying Teodorin to Sao Paulo.
Article source: https://www.dw.com/en/obiang-supercars-in-fraud-scam-set-to-fetch-millions/a-50620000?maca=en-rss-en-all-1573-rdf