Tags: APFN | EU | Switzerland | Luxury Car Auction

Cars Taken from African Leader's Son Worth $18.5M at Auction

Cars Taken from African Leader's Son Worth $18.5M at Auction

Sunday, 29 September 2019 02:39 AM EDT

GENEVA (AP) — An auction house in Switzerland is set to sell 25 luxury cars including Ferraris, Rolls-Royces and Lamborghinis that Geneva authorities seized from the son of Equatorial Guinea's president in a money-laundering probe.

Swiss authorities say the sale Sunday by auctioneer Bonhams is expected to fetch some 18.5 million Swiss francs (dollars), with the proceeds going to charity to benefit the people of oil-rich Equatorial Guinea.

The auction comes after the Geneva prosecutor's office announced in February it had closed a case against Teodoro Nguema Obiang Mangue, the son of the country's four-decade president, Teodoro Obiang, and two others following a probe of money laundering and mismanagement of public assets.

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

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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An auction house in Switzerland is set to sell 25 luxury cars including Ferraris, Rolls-Royces and Lamborghinis that Geneva authorities seized from the son of Equatorial Guinea's president in a money-laundering probe.Swiss authorities say the sale Sunday by auctioneer...
APFN,EU,Switzerland,Luxury Car Auction
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2019-39-29
Sunday, 29 September 2019 02:39 AM
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