SUPERCARS

Corrupt politician’s seized supercars worth nearly R200m

Teodoro Nguema Obiang Mangue reputedly spent R10m on a single weekend in South Africa, where he splashed out on properties, entertainment and cars

21 June 2019 - 10:36 By Denis Droppa
Ill-gotten gains. The seized supercars include, from left, a Lamborghini Veneno, a Koenigsegg One:1, a McLaren P1 and a Bugatti Veyron.
Ill-gotten gains. The seized supercars include, from left, a Lamborghini Veneno, a Koenigsegg One:1, a McLaren P1 and a Bugatti Veyron.
Image: Bonhams

A collection of supercars worth nearly R200m, seized from a corrupt Equatorial Guinea politician, is going up for auction.

The 25 cars include rarities such as the Aston Martin One-77, Bugatti Veyron, Ferrari LaFerrari, Koenigsegg One:1, Lamborghini Veneno Roadster, and McLaren P1.

The collection includes models ranging from hyper cars to luxury convertibles and limousines, including a Maserati, Mercedes-Maybach and Porsche.

The collection formerly belonged to Teodoro Nguema Obiang Mangue, the vice-president of Equatorial Guinea and son of President Teodoro Obiang Nguema Mbasogo.

The cars were confiscated by Swiss authorities in 2016 after Mangue allegedly paid for them using state funds. The playboy politician has been the subject of numerous corruption investigations into his lavish lifestyle, including cars and properties he bought in South Africa.

MOTORING PODCAST | Cargumentative: Daydreaming of Le Mans

For more episodes, click here

Subscribe: iono.fm | Spotify | Apple Podcasts | Pocket Casts | Player.fm.

In 2005 he reputedly went on a R10m spending spree over a single weekend in SA, where he splashed out on properties, entertainment and buying cars that included a Bentley Arnage, a Bentley Continental R and a Lamborghini Murcielago.

Mangue has had several properties and cars confiscated over the years, and in 2017 was sentenced to a suspended three years in jail in France after he reportedly embezzled $175m from his country to buy luxury cars, real estate and other assets.

A previously seized collection of cars owned by Mangue – including a Ferrari Enzo, Porsche Carrera GT and two Bugatti Veyrons – was auctioned in 2013.

The latest 25 cars will go under the hammer at a Bonhams auction on September 29 at the Bonmont Golf & Country Club near Geneva. The cars are being sold on behalf of the Swiss government, with the proceeds to be donated to social programmes in Equatorial Guinea, an oil-rich but largely poverty-stricken former Spanish colony of about 1.2-million people.

Most of the cars have less than 1,000km their odometers. The Veneno Roadster, a super-rare Lamborghini of which only nine were built, has the lowest with just 320km on the clock. 

Bonhams says the collection is estimated to realise in excess of €12m (R193.5m).


X