Geneva - 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 (dollars), with the proceeds going to a 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.
The yacht was released in the arrangement announced in February, under which Equatorial Guinea agreed to pay Geneva authorities 1.3 million Swiss francs "notably to cover procedural costs," the prosecutor's office said.