The Special Investigating Unit (SIU) welcomes the Special Tribunal's judgment authorising the sale of a Ferrari SF90 Stradale belonging to the MHR Maumela Family Trust. 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 order follows an application brought before the Special Tribunal by Mr Jacobus Gideon LouwVan Wyk, in his capacity as curator appointed by the SIU, seeking authorisation to sell the vehicle.
The Ferrari SF90 Stradale is among several luxury vehicles preserved in terms of an order issued by the Special Tribunal in September 2025, pending the finalisation of the main application in the matter. The vehicles are linked to the SIU's investigation into alleged corruption and maladministration at Tembisa Hospital, where approximately R2 billion is alleged to have been looted.
In motivating the application, the curator submitted that the sale was necessary and prudent to preserve the value of the asset, taking into account the costs associated with its storage, insurance and maintenance, as well as the need to generate liquidity to enable him to effectively execute his mandate.
The application was opposed by the"Maumela Syndicate': which includes the MHR Maumela Family Trust and Mr Hangwani Morgan Maumela. The opposing respondents argued, among other things, that the vehicle was not depreciating in value but would instead appreciate.
The Tribunal noted that two valuations had placed the Ferrari's value at Rl 0.2 million and Rl 0.165 million, respectively. The opposing respondents also submitted two firm offers for the purchase of the vehicle. The first, dated 1 July 2026, was for Rl 0 million, while the second, dated 27 July 2026, was for Rl 0,999,995.
Protecting the public interest and assets through prevention measures and systemic investigations to eradicate fraud, maladministration, and corruption.
The Ferrari was purchased for Rl 1,126,662.22 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 RS,000 per month, insurance premiums of R8,333.33 per month, battery replacement costs of Rl 04,857 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.
SIU Acting Head, Mr Leonard Lekgetho, welcomed the judgment, saying the order demonstrates the importance of taking practical steps to protect assets that are the subject of preservation orders.
"The SIU welcomes the Special Tribunal's decision to authorise the sale of the Ferrari. The purpose of preservation is to protect the value of assets pending the finalisation of legal proceedings, and this judgment provides a prudent mechanism to achieve that objective while avoiding unnecessary and ongoing costs. The proceeds will remain preserved in an interest-bearing account and will be used strictly in accordance with the Tribunal's order. This is an important step in ensuring that assets linked to alleged corruption are properly managed and that their value is protected for the benefit of the State and, ultimately, the people of South Africa;' said Lekgetho.
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.
In terms of the Special Investigating Units and Special Tribunals Act 74 of 1996 (SIU Act), the SIU has also referred evidence pointing to possible criminal conduct uncovered during its investigations to the National Prosecuting Authority (NPA) for consideration and further action.
Enquiries:
Selby Makgotho
Spokesperson: Special Investigating Unit Cell: 083 718 6128
Email: SIUMedia@siu.org.za
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