Special Tribunal orders sale of Maumela-linked Ferrari for at least R9.5 million

The Special Investigating Unit (SIU) has welcomed a Special Tribunal decision approving the sale of a Ferrari SF90 Stradale linked to the Maumela family trust amid an investigation into alleged corruption at Tembisa Hospital.

The tribunal ordered that the luxury vehicle be sold for not less than R9.5 million.

In a statement on Monday SIU said the proceeds from the sale will be placed in an interest-bearing trust account and used to maintain assets under the curatorship established during the investigation.

The order was granted after Jacobus Gideon Louw Van Wyk, an SIU-appointed curator, applied for permission to sell the Ferrari.

The Maumela Syndicate, including the trust and Hangwani Morgan Maumela, opposed the application, arguing that the vehicle would appreciate in value rather than depreciate.

Two valuations placed the Ferrari's value at R10.2 million and R10.165 million.

The respondents submitted offers of R10 million on 1 July 2026 and R10,999,995 on 27 July 2026. However, the Ferrari, which was purchased for R11,126,662.22 in April 2022, is currently stored at Ferrari South Africa, which later offered R9.5 million for the vehicle.

The SIU said the R9.5 million offer takes into account costs associated with keeping the vehicle, including monthly storage of R5,000, insurance of R8,333.33, battery replacement of R104,857, as well as estimated costs of R408,000 for warranty reinstatement and factory-related expenses.

The Ferrari forms part of assets linked to the SIU's investigation into alleged corruption at Tembisa Hospital.

The SIU said the sale and management of the vehicle form part of measures to preserve assets while the investigation and related legal processes continue.

The Maumela-linked Ferrari is among the high-value assets that have come under scrutiny as authorities investigate alleged corruption connected to the hospital.