SIU Gets Green Light to Sell Hangwani Maumela's Ferrari for At Least R9.5 Million
- A special tribunal authorised the sale of a Ferrari SF90 linked to businessman Hangwani Maumela amid an ongoing SIU corruption probe
- Two independent valuations placed the supercar's value at just over R10.1 million, with proceeds to be held in an interest-bearing account
- Maumela and his family trust attempted to block the sale through the High Court in Pretoria, but the urgent application was dismissed
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SOUTH AFRICA — The Special Investigating Unit (SIU) has won legal clearance to auction off a Ferrari SF90 hybrid supercar belonging to businessman Hangwani Maumela, establishing a minimum reserve price of R9.5 million. This was after Maumela launched a court bid to block the sale.
The order originates from the Special Tribunal as part of an expansive probe into systemic fraud and corruption at Tembisa Hospital, where several high-value assets tied to Maumela remain impounded.
Rationale Behind the Asset Liquidation
The decision to liquidate the sports car centres on the recurring financial burden of holding it in custody. Monthly insurance premiums, facility storage rates, and upkeep expenses convinced authorities that retaining the physical vehicle during extended legal proceedings was fiscally unviable.
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Independent appraisers estimated the Ferrari's present market value at roughly R10.1 million. Having been acquired in 2022 for over R11 million, the R9.5 million baseline accounts for both vehicle depreciation and accumulated holding costs. Funds generated from the sale will be deposited directly into an interest-bearing trust account under strict SIU oversight. By law, these funds cannot be drawn upon to cover curator remuneration.
High Court Dismisses Urgent Interdict
Maumela, alongside the Mhr Maumela Family Trust, launched an urgent interdict in the Gauteng High Court in Pretoria to halt the transaction. The court dismissed their application, removing the final legal barrier to the auction.
Officials emphasized that converting the vehicle into liquid capital serves as a protective measure to preserve total asset value while litigation runs its course, rather than an admission or ruling of criminal guilt. The wider investigations concerning Tembisa Hospital procurement irregularities remain active.
Source: Getty Images
NDPP explains why Maumela is still free
In a related article, Briefly News reported on why businessman Hangwani Maumela remains free despite the seizure of more than R300 million in assets linked to his alleged syndicate. NDPP Andy Mothibi told Parliament that the Hawks’ investigation is ongoing and that those responsible for the Tembisa Hospital corruption will be held accountable.
The case is linked to alleged fraud involving about R800 million in dealings with the Gauteng Department of Health. Maumela has not been charged or arrested, despite the asset seizures and years of scrutiny over the hospital procurement scandal.
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Source: Briefly News
