The Special Tribunal has authorised the sale of a Ferrari SF90 Stradale linked to businessman Hangwani Morgan Maumela.
The luxury hybrid supercar may be sold for no less than R9.5 million after the tribunal approved an application by curator Jacobus Gideon Louw Van Wyk.
The Ferrari belongs to the MHR Maumela Family Trust and was bought for more than R11.1 million in April 2022.
It is among several high-value assets preserved during the Special Investigating Unit’s probe into alleged corruption and maladministration at Tembisa Hospital.
Running costs weigh on decision
SIU spokesperson Selby Makgotho said keeping the Ferrari under preservation carries significant costs.
Storage costs about R5,000 a month, while insurance adds R8,333.33 monthly.
The vehicle also faces a battery replacement cost of R104,857 and estimated warranty reinstatement and factory-related expenses of R408,000.
Van Wyk argued that selling the car was necessary to preserve its value and raise funds to manage other assets under his control.
Maumela side opposed sale
The application was opposed by parties described by the SIU as the “Maumela Syndicate”.
They argued that the Ferrari was not rapidly losing value and could potentially appreciate.
Two valuations placed its value at about R10.2 million and R10.165 million. Offers of R10 million and nearly R11 million were also presented to the tribunal in July.
Special Tribunal president Judge Bernard Makgabo Ngoepe nevertheless found there were sufficient grounds to permit the sale.
He noted that storage and insurance expenses could continue for a lengthy period, while there was no evidence that any appreciation would be enough to offset those costs.
Proceeds will remain protected
Money from the Ferrari sale will be deposited into an interest-bearing trust account.
According to the SIU, the funds can be used to maintain other preserved assets under the curator’s control.
The tribunal also dismissed a counterclaim seeking Van Wyk’s removal as curator, with costs.
The SIU says its wider investigation involves assets and companies allegedly connected to irregular procurement at Tembisa Hospital.
The allegations remain the subject of ongoing legal proceedings, and the investigation has not been finalised.