Tuesday, November 14, 2017

Uber cars at Center of Embezzlement Fight

A pair of the rarest collector cars in the world are at the heart of a London lawsuit embroiling an associate of one of China’s wealthiest men. Zhao Hua Chen, who court filings say works for Chinese aluminum billionaire Zhongtian Liu, has accused Eric Po Chi Shen of buying real estate, rare red diamonds and super cars with money he embezzled while acting as his financial adviser, according to court documents filed in London’s High Court.

This 1963 Ferrari 250 GTO made $52 million
At stake in the case is ownership of two classic cars that could be worth as much as $40 million.

Chen says his former business associate falsified his financial reports and lied about how much he spent on property deals, before using the spoils to buy a 1998 McLaren F1 and a 1963 Ferrari 250 GTO Berlinetta. He is asking a judge in the British capital to order the cars to be sold or handed over to him. The 1963 Ferrari 250 GTO Berlinetta is likely worth around $25 million. The model is a Series 2, with the Series 1 fetching at least $40 million. 39 of the Italian brand’s 250 GTOs were produced.
The McLaren is estimated to be worth as much as $15 million. 106 examples were produced from 1992 through 1998.
See ----->http://superautoworld.blogspot.ca/2017/04/ferrari-250-gto.html