The Special Investigating Unit (SIU) has welcomed the Special Tribunal’s judgement which authorize the sale of a Ferrari SF90 Stradale belonging to the MHR Maumela Family Trust – linked to the alleged corruption at Tembisa Hospital.
The proceeds of the sale will be deposited into an interest-bearing trust account and used to maintain assets under the curatorship established in connection with the SIU’s investigation into alleged corruption and maladministration at Tembisa Hospital.
The Tribunal noted that two valuations had placed the Ferrari’s value at R10.2 million and R10.165 million, respectively. The opposing respondents also submitted two firm offers for the purchase of the vehicle. The first, dated 1 July 2026, was for R10 million, while the second, dated 27 July 2026, was for R10,999,995.
The Ferrari was purchased for R11,126,662.22 in April 2022. Ferrari South Africa, where the vehicle is currently stored, subsequently made an offer of R9.5 million to purchase the vehicle.
The offer takes into account costs already incurred and factors affecting the vehicle’s value, including ongoing storage costs of R5,000 per month, insurance premiums of R8,333.33 per month, battery replacement costs of R104,857 and an estimated R408,000 for warranty reinstatement and factory-related considerations.
Special Tribunal President Judge Bernard Makgabo Ngoepe found that, even in the absence of evidence demonstrating “rapid” depreciation, there were sufficient grounds to authorise the sale. The Judge found that the ongoing insurance and storage costs could continue for an extended period, while there was no evidence of sufficient appreciation in the vehicle’s value to offset these costs. He further found that the proceeds of the sale, if properly invested, could generate interest and contribute to preserving and potentially enhancing the value of the asset.
Judge Ngoepe ordered that:
- The curator is authorised to sell the Ferrari SF90 Stradale for not less than R9.5 million.
- The proceeds from the sale must be deposited into a special interest-bearing trust account to be opened by the curator and used towards the maintenance of assets under his curatorship.
- The proceeds may only be used with the approval of the SIU.
- The proceeds may not be used to pay the applicant’s fees.
- The counterclaim seeking the removal of Van Wyk as curator is dismissed with costs.
- The “Maumela Syndicate” is ordered to pay, jointly and severally, the costs of the curator’s condonation application, the curator’s application for the sale of the Ferrari and the counterclaim seeking his removal. The costs are to be paid on an attorney-and-own-client scale and include the costs of two counsel, one of whom is Senior Counsel.
The SIU is authorised by Proclamation 136 of 2023 to investigate allegations of corruption and maladministration in the affairs of the Gauteng Department of Health and Tembisa Hospital.
