An auction house in Switzerland is set to sell 25 luxury cars including Ferraris, Rolls-Royces and a Lamborghini Veneno (model pictured) that Geneva authorities seized from the son of Equatorial Guinea's president in a money-laundering probe. 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 18.5 million Swiss francs (NZ$28m), with the proceeds going to charity to benefit the people of oil-rich Equatorial Guinea. 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.

Source: Stuff September 29, 2019 06:22 UTC