Tuesday, September 18, 2018

Equatorial Guinea's Corruption

Authorities in Brazil have seized more than $16m (£12m) worth of cash and luxury watches from a delegation accompanying Teodorin Nguema Obiang, vice-president of Equatorial Guinea and son of the oil-rich Central African country's president.
Police found $1.5m in cash and watches worth an estimated $15m in two bags, the other 17 bags had clothes.
About 76% of Equatorial Guinea's 1.2m population live in poverty.
In 2017, a French court handed him a three-year suspended jail term for corruption. The court ruled his assets in France be seized, including a mansion on Avenue Foch in Paris. He also got a suspended fine of 30m euro (£27m; $35m).
In the same year Swiss prosecutors seized 11 luxury cars belonging to Obiang. They said he had plundered his country's oil wealth to buy luxuries, including a private jet and Michael Jackson memorabilia.
In 2015,  Obiang reportedly paid a samba dance group some $3.5m to adopt an Equatorial Guinea theme during Brazil's annual carnival.

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