A luxury Ferrari worth more than R10 million and linked to businessman Hangwani Morgan Maumela is set to be sold after the Special Tribunal in Johannesburg authorised the disposal of the vehicle The development forms part of the ongoing efforts by the Special Investigating Unit (SIU) to recover assets connected to alleged corruption at Tembisa Hospital.

The Ferrari SF90 hybrid was purchased for approximately R11.1 million in April 2022. Since being placed in storage, however, the vehicle has reportedly lost more than R1 million in value. The tribunal has authorised its sale for no less than R9.5 million, with the proceeds required to be held in a trust account and used only with the approval of the SIU.

The decision was motivated partly by the growing cost of keeping the expensive vehicle in storage. According to the court proceedings, insurance costs are estimated at about R100,000 a year, while storage costs are approximately R5,000 every month. The Ferrari would also require around R408,000 to have its warranty reinstated.

The vehicle is being handled by curator Jacobus Gideon Louw van Wyk, who was appointed in connection with the preservation of assets linked to the SIU’s investigation. A Gauteng motor dealership has reportedly already made an offer of R10.9 million for the Ferrari, potentially making the sale an important step in preserving the value of the attached asset.

The Ferrari is only one of several high-value assets connected to the investigation. The SIU has also attached a collection of luxury vehicles, including Lamborghini models, Aston Martins, additional Ferraris and a Bentley. Other vehicles reportedly include a Lamborghini Huracan STO valued at about R8.1 million, a Lamborghini Aventador SVJ valued at approximately R8.8 million and a Lamborghini Urus worth around R5 million.

Authorities have also attached eight properties with an estimated combined value of about R175 million. These asset-preservation measures form part of the broader investigation into allegations that more than R2 billion was improperly obtained through tender-related activities at Tembisa Hospital.

The investigation has its roots in concerns raised by former Gauteng health official and whistleblower Babita Deokaran, who identified suspicious payments linked to the hospital. Deokaran was later assassinated outside her home in August 2021, an incident that intensified scrutiny surrounding the alleged corruption.

Maumela has been identified in the investigation as an alleged central figure in the tender scheme. However, the allegations remain subject to legal proceedings and should not be treated as proven criminal conduct unless established by a court.

The latest Ferrari ruling demonstrates the state’s focus on recovering assets while legal proceedings continue. Rather than allowing expensive vehicles to continue depreciating while accumulating insurance and storage costs, the tribunal has allowed the Ferrari to be sold and its value preserved for the duration of the legal process.

The development comes as authorities continue pursuing the recovery of assets allegedly connected to the Tembisa Hospital scandal. The sale of the Ferrari could therefore become another significant step in the broader attempt to recover public money and assets linked to the investigation.