(Foreign Policy) Obiang's palace building spree

(Foreign Policy) Obiang's palace building spree

Colum Lynch December 8, 2011
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The age of fiscal austerity has clearly bypassed Equatorial Guinea, an oil rich African country with a reputation for world-class corruption, crushing poverty for its people, and a multibillion dollar building spree for presidential palaces, guesthouses, and airports.



Teodoro Obiang Nguema Mbasogo, Equatorial Guinea's president and Africa's longest lasting ruler, has now signed off on a $77 million contract to build a sparkling new presidential guesthouse, according to the Korean firm, SsangYong Engineering and Construction Co., Ltd, that won the bid to build it.

A rendering of the project, which will be called Mongomo Leader's Club, shows a contemporary glass building, with neatly landscaped grounds and palm trees in the background. It boasts 5-star amenities, including a private room for the president, a casino, and a beauty parlor. It was firstreported by the Korea Times.


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