More than €21.6 million has been raised for charity after Swiss authorities auctioned off dozens of supercars previously seized from an African dictator’s son, Teodoro Nguema Obiang Mangue.
The fleet of cars, including three Lamborghinis and a Bugatti Veyron, were confiscated in 2016 during a corruption probe into Equatorial Guinea President’s 51-year-old son.
Teodoro Nguema Obiang Mangue, who has been accused of embezzling Equatorial Guinea’s funds, was investigated by anti-corruption groups in Switzerland.
Of the 25 cars at auction was an incredibly rare Lamborghini Veneno Roadster which sold for record-breaking €7.6 million. Only nine of the Roadsters exist in the world.
Not one, not two, but 25 luxury cars were auctioned off in Switzerland after they were seized from the son of Equatorial Guinea's president for his involvement in a money-laundering scheme. Rolls-Royces, Ferraris and Lamborghinis…oh my! – @DailyMail https://t.co/heHHIPncYd
— The ACFE (@TheACFE) October 1, 2019
— Swati Aarini (@SwatiAarini) October 1, 2019
An auction of "rare and remarkable" supercars confiscated from Teodoro Nguema Obiang Mangue, the son of Equatorial Guinea's dictator, set a new world record price for an auctioned Lamborghini https://t.co/MltnHZjP0s
— Forbes Europe (@ForbesEurope) September 30, 2019
“The Lamborghini Veneno was truly the highlight of the sale, with the opening bid of CHF3 million drawing a collective gasp from the audience,” Bonhams stated. “There followed nearly seven nail-biting minutes.
“With initially six active bidders, it resulted in a two-way bidding battle, with the successful bidder, a private collector, buying the coveted roadster considered the ultimate Lamborghini.”
A 2014 Koenigsegg One (which has covered 597km), 2015 Ferrari, 2011 Aston Martin One-77 and 2010 Bugatti Veyron 16.4, 1963 Ferrari 250 GTE 2+2 Series III Coupé, 1998 Rolls-Royce Silver Spur limousine and 1993 Porsche 911 Type 964 Turbo S Leichtbau Coupé were some of the supercars auctioned off by the State of Geneva.
“We’re delighted with today’s results,” Bonhams Group Motoring Chairman James Knight said. “Not only have we raised a considerable sum for charity, we have also established a world record for selling a Lamborghini at auction.”
Switzerland is donating $18.5 million it made from selling 20 of 75 cars owned by Equatorial Guinea's Vice President Teodoro Nguema Obiang Mangue to a charity, that will spend the money on community development and charity works that will benefit poor people in Equatorial Guinea. pic.twitter.com/zqNvEPDnVy
— Godwin ROBINSON (@OdogwuGNR) September 30, 2019
The money raised at the auction, which was held on 29 September 2019, will be donated to charities helping the poorest people living in West Africa.
More than half of the former Spanish colony’s population lives below the poverty line where Equatorial Guinea is considered one of the most corrupt countries in the world, according to Transparency International.
Teodoro Nguema Obiang Mangue’s father has been president of the world’s third-biggest oil-producing nation for more than four decades.
Authorities reportedly made a deal with Teodoro Nguema Obiang Mangue, who is the Vice President of the state, in February. Swiss prosecutors dropped charges against him and returned his yacht but kept the supercars and received €1.4 million to cover case expenses.
But, despite leading high-rolling lifestyle on social media and recent run-ins with the law, it is believed Teodoro Nguema Obiang Mangue will one day succeed his 77-year-old father.