Geneva authorities to auction Equatorial Guinea supercars
Geneva authorities have confirmed 25 supercars belonging to the son of the ruler of Equatorial Guinea will be auctioned off in September and the proceeds sent to social programmes in the poor African country.
Three years ago, Geneva police stopped 50-year-old Teodorin Obiang at the airport as he was preparing to ship the cars out of the country. Police say they suspected the cars were bought with laundered money.
Although Equatorial Guinea is oil rich, various NGOs say 80% of the population lives below the poverty line while the ruling family enjoys a lavish lifestyle.
The cars, which include Lamborghinis, McLarens, Ferraris and a Koenigsegg, are expected to sell for more than CHF 13m.
Last year a Geneva court rejected the argument the cars were official government vehicles.