Equatorial Guinea: Supercar sale fetches $27m

Issue 401 - 11 Oct 2019
A sale took place in Switzerland on 29 September of 25 supercars seized by Swiss authorities from vice-president Teodoro Nguema Obiang Mangue, known as Teodorín, the son of the president. The cars were auctioned with no reserve on behalf of the State of Geneva by auction handlers Bonhams. The sale raised about CHF26m ($27m) in total, of which CHF23.4m will go to social projects in Equatorial Guinea.Swiss authorities seized the cars and ordered the sequestration of Teodorín’s yacht in 2016 following an investigation into money laundering and mismanagement of public assets.

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