Tuesday, October 14, 2014

Son Of Equatorial Guinea President Forced To Surrender His Assets After Allegedly Stealing Money From His Own Country

The son of Equatorial Guinea President Teodoro Nguema Obiang Mangue might not be having the last laugh after he has been forced to sell off all his assets worth more than $30m after allegedly stealing money from his own country to fund his rich life.
He has to sell sell his mansion in California, his Ferrari and most of his Michael Jackson memorabilia, he will be allowed only to keep Michael's famous crystal-encrusted 'Bad Tour' glove, a jacket used during the 'Thriller' tour and a $38.5million Gulfstream jet, as they remain outside the U.S. And if any of those items should re-enter the US, the govt must confiscate the items.

 Apart from all these, he is also instructed to compensate for the value of the items by paying $1 million to the U.S. government, which will be used “for the benefit of the Equatorial Guinean people.”

According to Uk Dailymail, Mangue, who is American-educated and also Equatorial Guinea's second vice president, said in a statement that he was pleased to put an end to the proceedings. However, he claimed his property 'was acquired with funds earned in accordance with the laws of my country and through business dealings inside and outside Equatorial Guinea'.
He added that he hoped the settlement would help improve the relationship between his country and the United States

Authorities said his official government salary was less than $100,000, and he used his position and influence to garner more than $300 million through corruption and money laundering. In 2010, it was reported that Mangue was dating the rapper and actress Eve, spending close to $700,000 to rent Microsoft billionaire Paul Allen's 303-foot yacht Tatoosh to impress her, according to the New York Post.

A friend of Eve told the tabloid that he had been chasing her for a long time and that she finally gave in to his invitation. The Grammy award winner was reportedly named in the ongoing investigation into Mangue and foreign corruption.


 Eve used her Twitter account to deny the allegations and urged her fans not to believe everything they read. Mangue still is the subject of lawsuits in France and Spain. French financial prosecutors in March filed preliminary charges of alleged money-laundering connected to real estate, luxury cars, art and other property in France.

 It is part of a larger suit involving properties owned by leaders of Equatorial Guinea, Gabon and Republic of Congo. In 2009, prosecutors in Spain opened an official investigation into alleged money-laundering by President Nguema and his family into bank


Anonymous said...

Na wah, all these money for one small man. God dey~Jady

Anonymous said...

Africa and corruption. They don't steal like gentlmen at all.

Nkechi Oluka