BOC says negotiated sale of 2 Bugatti Chiron vehicles completed

The Bureau of Customs (BOC) said Wednesday that it had successfully completed the negotiated sale of a 2017 blue Bugatti Chiron and a 2019 red Bugatti Chiron, which were seized in 2024. 

The BOC, in a press release, said that the luxury vehicles were finally disposed through a transparent negotiated sale, converting long-idle assets into revenue for the government as well as reinforcing the agency's commitment to enforcing accountability and prudent resource management.

''The Bureau continues to strengthen its border protection efforts to ensure that all goods entering the country are properly accounted for and compliant with existing laws and regulations,'' BOC Commissioner Ariel Nepomuceno said. 

The Bugatti Chirons were seized in February 2024 due to the absence of proper importation documents, the BOC said. 

It was initially offered for public auction on November 18, 2024 in which the vehicles underwent five unsuccessful bidding attempts before being successfully disposed of through a negotiated sale.

Elite Garage Corporation, the sole participating offeror, submitted its eligibility documents and sealed financial offers for both vehicles. The company offered P101,508,000 for the 2017 blue Bugatti Chiron and P103,508,000 for the 2019 red Bugatti Chiron, winning the bid for both units. 

The negotiated sale required approval from the Secretary of the Department of Finance, pursuant to Customs Memorandum Order No. 26-2020. 

Upon approval and finalization, the BOC shall remit the proceeds of the negotiated sale in accordance with applicable laws, rules, and regulations to support national government programs and public services.

The sale was conducted in full compliance with customs laws, rules, and regulations, ensuring a fair, transparent, and accountable disposition process, according to the BOC. —AOL, GMA News