Swiss to auction 25 super cars seized from E. Guinea leader's son

CHÉSEREX, Switzerland - A collection of luxury cars seized from Equatorial Guinea's vice president Teodorin Obiang Nguema will be auctioned off in Switzerland on Sunday and are estimated to bring in 18.5 million Swiss francs ($18.7 million).

"This is an exceptional sale," Philip Kantor, of British auctioneers Bonhams, told AFP. "It's a private collection of supercars, with very low mileage.

Among the cars, to go under the hammer at a Geneva golf club, are seven Ferraris, three Lamborghinis, five Bentleys, a Maserati and a McLaren. 

The most expensive lots are a Lamborghini Veneno Roadster, valued at between 4.8 million and 5.7 million euros ($5.2-6.2 million) and yellow Ferrari hybrid at 2.4-2.6 million euros.

The cars were all confiscated by Swiss justice after the opening in 2016 of a financial wrongdoing case against Obiang, son and likely heir of Equatorial Guinea's authoritarian President Teodoro Obiang Nguema who has ruled for 40 years.

All will be sold with no reserve price. 

In February Swiss prosecutors said they were dropping charges of financial wrongdoing against Teodorin Obiang Nguema but were confiscating the luxury cars as part of the case.

Under the Swiss penal code, prosecutors can choose to drop charges in this category if defendants offer compensation "and restore a situation that is in conformity with the law." 

Playboy reputation 

Equatorial Guinea has also agreed to give Geneva 1.3 million Swiss francs to cover the costs of the case.

Vice president with responsibility for defense and security, Teodorin Obiang has a reputation for a playboy lifestyle.

In October 2017, a Paris court handed him a three-year suspended jail term after convicting Obiang of siphoning off public money to buy assets in France.

He was accused of spending more than 1,000 times his official annual salary on a six-story mansion in a posh part of the French capital, a fleet of fast cars and artworks, among other assets.

He was also given a suspended fine of 30 million euros.

In September, Brazilian media said that more than $16 million in cash and luxury watches were seized by Brazilian police and customs officers from the luggage of a delegation accompanying Obiang on a private visit.

Brazilian daily O Estado de Sao Paulo quoted a diplomatic source from Equatorial Guinea as saying the money was to pay for medical treatment Obiang was to undergo in Sao Paulo. 

The watches were for the "personal use" of the president's son and were engraved with his initials, the report said.

Obiang is reputedly on a fast track to succeed his father.

Last October, he was promoted from colonel directly to division general, without passing through the normal intermediary rank of brigade general.

The following month, he presided over a cabinet meeting for the first time.

The tiny West African nation is one of the continent's top petroleum producers and has a population of just 1.2 million.

The country is regularly cited by NGOs as one of the most corrupt in the world.

source: news.abs-cbn.com

Maserati partners with Petersen Automotive Museum in Los Angeles

MANILA, Philippines – Why does a Maserati look, sound and feel so uniquely different? How does Maserati honor bespoke traditions, built over its 101-year history, to create a thoroughly modern, state-of-the-art driving experience?

To answer these questions and share the passion that defines Maserati, the Trident has partnered with the totally transformed Petersen Automotive Museum to create an immersive exhibit, “Made in Italy – Design to Line” featuring the company’s flagship super sport sedan, the Maserati Quattroporte S Q4.  The exhibit premiered in conjunction with the reopening of Petersen Automotive Museum last Dec. 5.

“Maserati is in love with the automobile. With its profound history, the company is deeply committed to sharing its passion with this generation and the next,” says Christian Gobber, president & CEO, Maserati North America, Inc. “Maserati’s support of the Petersen Automotive Museum with our education exhibit, ‘Made in Italy — Design to Line,’ made perfect sense from both global and local perspectives, given that the museum is located in Los Angeles, at the very heart of car culture.”

Located on the Museum’s second floor, the dedicated gallery tells the story of how Maserati — a modern, high-tech, high performance vehicle — develops from a concept to reality. The story of this journey is told through five chapters: Raw materials; body shell; drivetrain; trims and finishes; and final product.

Maserati is one of the world’s most distinguished automobile manufacturers, with a reputation for engineering excellence and for creating cars of exceptional beauty. In 1963, Maserati mounted a race engine in a four-door sedan, forever changing the way the world looked at luxury motoring. Today’s sixth-generation Quattroporte continues the Maserati tradition of building cars that blend high performance and supreme comfort, with a flair for design unique to Italian automobiles. Quattroporte’s sporting pedigree boasts Maserati’s remarkable racing heritage—including historic wins at the Indianapolis 500 and in Formula 1 with legendary driver Juan Manuel Fangio behind the wheel.

source: philstar.com

Why rich Koreans are shunning BMWs for Maseratis

SEOUL - Flashy Maseratis and Bentleys are fast becoming the cars of choice for young, monied South Koreans, eclipsing German luxury brands now so commonplace that some in Seoul's upscale Gangnam district jokingly refer to a BMW 5-series as a Hyundai Sonata.

Driving the sales of six-figure plus cars is a growing acceptance of conspicuous consumption in the conservative home of Hyundai Motor Co, where more younger, affluent Koreans are turning their backs on their parents' frugal ways.

"While our parents saved a lot in the past, younger people nowadays spend on things they can enjoy," said chef-restauranteur Song Ji-hoon, who last year sold his Mercedes-Benz CLS to buy a Maserati Ghibli.

"The street is now flooded with German cars. My car is not something one can see often," Song, 34, told Reuters.

Last year, the Seoul dealership of Volkswagen unit Bentley Motors was the top global seller of Flying Spur sedans, which start at just under quarter of a million dollars. The outlet, in Gangnam, ranked second in overall sales behind one in Dubai.

South Korea is also the seventh-largest market for Fiat Chrysler's Maserati, which saw sales increase five-fold last year to a record 723 cars after the brand introduced its Ghibli sports sedan, which starts at around $90,000.

"Korean consumers now want to flaunt themselves," said Kevin Kang, chief operating officer of the joint dealership for British luxury brands Aston Martin and McLaren Automotive which will open in the first half of this year in Gangnam.

"There lingers antipathy towards the wealthy, but at the same time there is aspiration to be wealthy," he said.

Imported luxury vehicles were relatively scarce in South Korea before a trade deal which took effect in 2011 unleashed an influx of high-end mainstream German cars from the likes of BMW , Audi AG, and Daimler AG's Mercedes-Benz.

While South Korea is the 11th largest car market, it ranks in the top four for certain top-end models such as Audi's A8 and the Mercedes-Benz S Class line, according to the companies.

Sales of imported vehicles priced above 100 million won ($91,100) grew by a third in 2014 from a year earlier to 14,975, the Korea Automobile Importers and Distributors Association says, a figure that excludes Maserati, Lamborghini and Ferarri, which are not association members.

Sales of foreign brands priced 150 million won ($136,339) and above nearly doubled last year, as more wealthy drivers sought "ultra-premium" cars to flaunt their status, a trend mocked and celebrated in Psy's 2012 hit song "Gangnam Style".

"There is a strong me-too-ism in Korea. People follow what other people are buying," said Andy Bae, senior analyst at automotive research firm IHS, which expects South Korea's ultra-luxury car market to grow 45 percent by 2017.

South Korea's overall car market grew 8 percent last year.

The number of South Koreans with assets exceeding 1 billion won doubled to about 167,000 in 2013 from five years earlier, according to KB Research. This rising wealth, coupled with younger peoples' desire to stand out in a traditionally conformist society, is encouraging luxury automakers.

Koreans are also marrying later and often rely on parents for housing, leaving many with the means to splash out on flashy purchases.

"As consumers get younger, they are less shy about something that stands out," said Kim Eui-young, a sales manager at the Maserati dealership in Gangnam, which opened in 2007.

Some ultra-luxury cars owners, however, prefer discretion.

A businessman in his 40s, who did not want to be identified, said he bought a blue Ferrari 355 Spider to enjoy on weekends. He also owns a Porsche and a Maserati, but drives a Hyundai SUV to work every day. "People are looking at my cars," he said. "But my employees do not know."

source: www.abs-cbnnews.com

Maserati used in MMDA enforcer attack found

MANILA - Authorities have found the luxury car of a motorist who assaulted a Metropolitan Manila Development Authority (MMDA) enforcer Thursday.

The car, a Maserati, was found in a condominium in Quezon City.

The owner has been identified as Joseph Russell Ingco of Valencia Hills, Quezon City.

The MMDA has put up a P100,000 reward to anyone who has information on his whereabouts.

Traffic enforcer Jorbe Adriatico plans to file cases of serious physical injuries and direct assault to a person in authority against Ingco.



Adriatico earlier said he flagged down the blue Maserati after it tried to make an illegal left turn at the corner of Quezon Avenue and Araneta Avenue.

The traffic constable said he took a video of the Maserati, prompting the driver to go straight on Araneta Avenue and make a u-tur

The Maserati driver then gave Adriatico the dirty finger, angering the MMDA employee who then challenged the driver to do it again.

It was then that the driver grabbed Adriatico's phone and his collar and dragged him along while the car was moving along Quezon Avenue.

Adriatico said Ingco punched him twice in the face, breaking his nose, even as he ran beside the car.

He said the driver only let him go when his passenger noticed that another traffic enforcer was following them on a motorcycle.

MMDA Chairman Francis Tolentino also said they expect more details on Ingco to come out today. They also want to cancel his driver's license.

source: www.abs-cbnnews.com

Maserati driver who punched, dragged traffic enforcer named

MANILA - A traffic enforcer has positively identified the driver of a blue Maserati Marshall who grabbed his cellphone, broke his nose and dragged him along Quezon Avenue Thursday morning.

Traffic enforcer Jorbe Adriatico, Metropolitan Manila Development Authority employee, identified the Maserati driver as Joseph Russell Ingco of Valencia Hills, Quezon City, based on the license obtained by police from the Land Transportation Office.

Ingco is one of two owners of Maserati sports cars in the country.

Adriatico earlier said he flagged down the blue Maserati after it tried to make an illegal left turn at the corner of Quezon Avenue and Araneta Avenue.

The traffic constable said he took a video of the Maserati, prompting the driver to go straight on Araneta Avenue and make a u-turn.

The Maserati driver then gave Adriatico the dirty finger, angering the MMDA employee who then challenged the driver to do it again.

It was then that the driver grabbed Adriatico's phone and his collar and dragged him along while the car was moving along Quezon Avenue.

Adriatico said Ingco punched him twice in the face, breaking his nose, even as he ran beside the car.

He said the driver only let him go when his passenger noticed that another traffic enforcer was following them on a motorcycle.

ANC TOP STORY, November 27, 2014

source: www.abs-cbnnews.com