Special Tribunal grants order for sale of Ferrari linked to Maumela syndicate, buyers already lined up
It is said to have been bought for just over R11 million in April 2022.
Judge BM Ngoepe of the Special Tribunal has ordered the sale of a Ferrari SF90 Stradale linked to the Maumela syndicate. The vehicle is currently under a Preservation Order to preserve its value, reduce storage, insurance, and maintenance costs, and generate liquidity for the curatorship. The application for its sale was opposed by the Maumela Syndicate and the Maumela Family Trust, who argued that the vehicle appreciates in value.
However, Judge Ngoepe ruled that the vehicle should be sold for at least R9.5 million, citing storage, insurance, and battery replacement costs. The proceeds from the sale will be deposited into a special interest-bearing Trust Account to maintain other assets under the curatorship's supervision.
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