(Financial Times) Lavish lifestyle of Equatorial Guinea elite

(Financial Times) Lavish lifestyle of Equatorial Guinea elite

Xan Rice June 19, 2012
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The son of Equatorial Guinea’s president spent $315m between 2004 and 2011 on mansions, cars, luxury goods and memorabilia, including Michael Jackson’s “white crystal-covered ‘Bad Tour’ glove”, according to the US department of justice.

The son of Equatorial Guinea’s president spent $315m between 2004 and 2011 on mansions, cars, luxury goods and memorabilia, including Michael Jackson’s “white crystal-covered ‘Bad Tour’ glove”, according to the US department of justice.

 

The allegation was made this month in a civil forfeiture complaint in California that seeks to recover more than $32m of assets from Teodorin Obiang,appointed second vice president of the impoverished west African country in May. Prosecutors say he amassed his wealth through embezzlement of public funds and extortion during his time as minister of forests, where he is alleged to have charged a personal tax of $27 for every log exported.

Teodorin, whose father Teodoro Obiang has ruled with an iron fist since seizing power in 1979, denies wrongdoing, and earlier this year described the case against him as “character assassination”.

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