Special Tribunal gives green light to sale of Maumela’s R9.5m Ferrari

The Special Tribunal has authorised the sale of a Ferrari SF90 Stradale linked to controversial businessman Hangwani Morgan Maumela, with the luxury hybrid supercar expected to fetch at least R9.5m.

The Ferrari, which was purchased for more than R11.1m in April 2022, is among several luxury vehicles preserved as part of the Special Investigating Unit’s (SIU’s) probe into alleged corruption and maladministration at Tembisa Hospital.

The SIU alleges that about R2bn was looted from the hospital through irregular procurement processes.

The Ferrari belongs to the MHR Maumela Family Trust, which, together with Maumela, is part of what the SIU refers to as the “Maumela Syndicate”.

SIU spokesperson Selby Makgotho said the preservation of the vehicles and other assets was part of efforts to ensure that assets linked to the investigation were not dissipated while the legal process continued.

“The offer took into consideration the costs associated with keeping the vehicle, including storage of R5,000 a month and insurance of R8,333.33 a month.

“There are also battery replacement costs of R104,857 and an estimated R408,000 in warranty reinstatement and factory-related costs,” he said.

In its latest judgment, the tribunal authorised curator Jacobus Gideon Louw Van Wyk to sell the Ferrari for no less than R9.5m.

According to Makgotho, the proceeds will be deposited into an interest-bearing Trust account and used to maintain other assets under the curator’s control.

The SIU has previously said its investigation traced a network of companies and assets allegedly linked to the “Maumela Syndicate”.

Makgotho said the vehicles and properties were attached as part of the civil proceedings and that the preservation process was aimed at safeguarding assets while the matter was being litigated.

The Ferrari’s sale was requested by Van Wyk, who told the tribunal that disposing of the vehicle was necessary and prudent to preserve its value and generate liquidity to carry out his mandate.

The application was opposed by the Maumela Syndicate, which argued, among other things, that the Ferrari was not rapidly depreciating and could instead appreciate in value.

“Two valuations placed the vehicle’s value at R10.2m and R10.165m. The respondents also presented two offers to purchase the Ferrari, one for R10m dated July 1 2026 and another for R10,999,995 dated July 27 2026,” Makgotho said.

Special Tribunal president Judge Bernard Makgabo Ngoepe found that there were sufficient grounds to authorise the sale, even though there was no evidence of “rapid” depreciation.

The judge found that the ongoing storage and insurance costs could continue for an extended period, while there was no evidence that the vehicle would appreciate sufficiently to offset those expenses.

The tribunal also dismissed the Maumela Syndicate’s counterclaim seeking Van Wyk’s removal as curator, with costs.

Makgotho previously said the SIU had preserved several luxury assets linked to Maumela as part of its investigation. Among the vehicles identified were several Lamborghinis, an Aston Martin and a Ferrari SF90 hybrid valued at approximately R10m.

The investigation into the alleged Tembisa Hospital looting is ongoing.