‘Tender scam mastermind’ Maumela’s R10m Ferrari to be sold

A Ferrari SF90 hybrid supercar worth more than R10m belonging to controversial businessman Hangwani Morgan Maumela is to be sold.

Jacobus Gideon Louw van Wyk, the curator appointed by the Special Investigating Unit (SIU) to preserve assets related to the alleged looting of Tembisa Hospital, successfully applied to have the vehicle sold.

The Ferrari was bought for R11.1m in April 2022 but has lost more than R1m in value.

The Special Tribunal in Johannesburg on Thursday authorised the curator to sell the vehicle for no less than R9.5m. The proceeds must be kept in a trust account and may be used only with the approval of the SIU.

Judge Bernard Ngoepe said the sale was justified because the vehicle was incurring significant insurance, storage and maintenance costs while continuing to depreciate.

“There’s no question of the vehicle appreciating to sufficiently cover insurance and storage costs,” the judgment says, noting that insurance costs about R100,000 a year and storage R5,000 a month. The vehicle would also require the reinstatement of its warranty at a cost of about R408,000.

The tribunal noted that two valuations had been obtained, placing the Ferrari’s value at R10.2m and R10.15m respectively. There was also already a R10.9m offer from a Gauteng motor dealership to buy the car.

The judgment also revealed that the curator had abandoned an earlier application seeking permission to use the proceeds of the sale to pay curator fees.

The Ferrari is among a fleet of high-value vehicles attached as part of the SIU’s investigation into alleged corruption and the looting of about R2bn at Tembisa Hospital.

Maumela is an alleged mastermind and chief beneficiary in the tender scam that saw the hospital looted through tender fraud.

Other supercars attached in the investigation include:

• a Lamborghini Huracan STO, valued at about R8.1m;
• a Lamborghini Aventador SVJ, worth about R8.8m;
• a Lamborghini Urus, valued at about R5m; and
• a Lamborghini Aventador Ultima Coupé, worth about R9m.

Several Aston Martins, Ferraris and a Bentley are also subject to the preservation order, which was granted in October last year.

The SIU has also attached eight properties with a combined estimated value of around R175m.

Maumela, along with several of his companies, including Black Pepper Trading, and other entities cited as respondents, were ordered to pay the costs of the application.

Business Day reported this week that the South African Revenue Service (Sars) had slapped Maumela’s mother, Mboneni Benedicta Maumela, with R39.9m in new assessments, including penalties and interest, regarding the 2017-23 tax years.

Sars says it has found prima facie evidence of fraud.