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Switzerland Auction 25 Luxury Cars Seized From Son of Equatorial Guinea’s President   
 
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29-Sep-2019  
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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 Bonhams is expected to fetch some £15.2 million (18.5m Swiss francs), with the proceeds going to a charity to benefit the people of oil-rich Equatorial Guinea.

The sale is taking place at the Bonmont Golf & Country Club in Cheserex near Geneva, Switzerland

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.
 
 

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