Equatorial Guinea President’s Son Supercars For Auction

The cars were seized by Swiss authorities as part of an investigation into Teodorin Nguema Obiang.

0
210
Supercars
A Lamborghini Veneno Roadster (2014), part of some 25 luxury cars owned by Teodoro Obiang, the son of the Equatorial Guinea's President Teodoro Obiang Nguema Mbasogo and confiscated by the Geneva prosecutorÕs office after a deal ending a money-laundering inquiry, is pictured during an auction preview of Bonhams at the Bonmont Golf & Country Club in Cheserex near Geneva, Switzerland September 27, 2019.

He is vice-president to his father, Teodoro Obiang Nguema, who has ruled Equatorial Guinea for 40 years.

Twenty-five of Mr Obiang’s cars are going under the hammer at a golf club near Geneva.

A Lamborghini Veneno Roadster, valued at up to $6.2m, and an Aston Martin One-77 Coupe, valued at up to $1.7m, have been described as “rare and remarkable”.

Supercars
“Cars like this would be the jewel of any collection, but to have them all together is really quite extraordinary,” Lynnie Farrant, press officer for auctioneer Bonhams.
Supercars
The cars, among them Lamborghinis, Ferraris, Bentleys and Rolls Royces, are expected to fetch about $18.5m (£15m; 18.4m Swiss francs) in total.

The cars, which do not have a minimum reserve price, have attracted interest from collectors across the world, especially Europe, Ms Farrant said.

The proceeds of the sales will be donated to a charity in Equatorial Guinea, a former Spanish colony where poverty is rife.

In total, 75 cars are being sold at the auction in the Swiss village of Cheserex, 30km (18 miles) from Geneva.

Who is Teodorin Nguema Obiang?

Mr Obiang is seen as the heir-apparent to his father, who has been president since 1979.

eodorin Nguema Obiang
The 51 year old served as an adviser to his father and minister for agriculture, before being appointed vice-president in 2012.

In international media reports, Mr Obiang has drawn criticism for his extravagant spending habits and playboy lifestyle.

In a 2004 article, the New York Times described him as “a rap music entrepreneur and bon vivant, fond of Lamborghinis and long trips to Hollywood and Rio de Janeiro”.

Swiss prosecutors were investigating Mr Obiang for money laundering and misuse of public funds, but dropped the case in February this year.

In 2017, a French court handed him a three-year suspended jail term for corruption.

LEAVE A REPLY

Please enter your comment!
Please enter your name here