By RFIPalled on 29-09-2019Modified on 29-09-2019 at 14:43

Twenty-five luxury cars are auctioned this September 29 in Switzerland. The cars belonged to Teodorin Obiang, son of the president of Equatorial Guinea and himself vice-president, and had been seized by the Geneva courts as part of the Swiss part of "ill-gotten gains".

Seven Ferrari, five Bentley, one Maserati and one Aston Martin are on the catalog of this auction held on September 29 in Geneva. This treasure is estimated at more than 17 million euros with some nuggets: the most expensive lots are two hypercars , an off-white Lamborghini Veneno Roadster, sold for around 5 million euros, and a yellow Ferrari hybrid worth 2.5 million euros.

All these cars were confiscated by the Swiss courts after the opening in 2016 of criminal proceedings against Teodorin Obiang, son of the President of Equatorial Guinea, and himself vice-president. Teodorin Obiang has also accumulated considerable wealth in France. He was sentenced in 2017 in this so-called "ill-gotten property" case and appealed.

Revenue allocated to a social program

In Switzerland, the procedure for " money laundering and unfair management of public interests " was filed in February after the promise of a payment of 1.4 million euros by Malabo. The Geneva courts and the Equatorial Guinean authorities then agreed on this sale and the fact that the proceeds would be allocated to a social program in Equatorial Guinea.

The operation could have been canceled. Unhappy that there is no reserve price [secret price set by the seller below which the property is not sold], Malabo has tried unsuccessfully to suspend the auction in recent days. The country's lawyer believes that other conditions could have helped raise even more money.

►Read more: Swiss justice seizes 11 cars that belong to Teodorin Obiang

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