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FCPA Blog Daily News

Entries in Teodorin Obiang (12)

Friday
Nov032017

French court strips Obiang of local assets after embezzlement conviction

A French court last week convicted Teodoro Nguema Obiang Mangue, the vice president of Equatorial Guinea and son of the president, of embezzling public money and spending it on himself.

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Thursday
Jul202017

Alexandra Gillies: Congress can (and should) fix the law on shell companies

Shell companies have been called the “getaway cars” of corruption. In some jurisdictions, including the United States, individuals can easily set up anonymous companies and use them to hide stolen funds.

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Thursday
Jun222017

Teddy Obiang on trial in Paris for embezzlement

The son of Equatorial Guinea's president went on trial this week in France for embezzling more than $112 million from his country's treasury.

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Tuesday
Aug022016

FinCEN expands beneficial owner reporting for cash real estate deals

The Financial Crimes Enforcement Network (FinCEN) is expanding required reporting of beneficial owners for cash real estate purchases beyond Manhattan and Miami to six new areas in California and Texas.

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Wednesday
Mar302016

Paper: Asset recovery cases against Obiang show weakness in U.S. enforcement regime

A recent paper I published in the Journal of Money Laundering Control looks at a prominent series of cases brought by the United States and France against assets owned by Teodoro Nguema Obiang, Second Vice President of the Republic of Equatorial Guinea and son of the country's president.

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Tuesday
Mar222016

Martin Kenney: Kleptocracy stinks. The DOJ fights back ‘with impact’

It is repellent to read how a tiny African country like Equatorial Guinea has been systematically plundered. For the culprit to be a member of the ruling family only adds weight to the wrong.

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Tuesday
Apr282015

The BOTA Foundation explained (Part Eleven): Future BOTAs and dictators' money

The BOTA Foundation was able to take the $115 million from the corruption case associated with James GIffen and use it effectively and efficiently to assist more than 200,000 poor children, youth and their families in Kazakhstan. 

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Monday
Nov172014

Public Wrongs, Private Actions: Civil Lawsuits to Recover Stolen Assets

With most enforcement pressure bearing down on corporate supply side bribe payers, it is no surprise that the business community feels beleaguered. The fundamental unfairness is of course the impunity with which bribe takers operate, a frequent topic on the FCPA Blog.

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Monday
Oct132014

‘Shameless’ kleptocrat Teddy Obiang forfeits $30 million in DOJ settlement

The Department of Justice said Friday it reached a settlement of its civil forfeiture cases against assets in the United States owned by the Second Vice President of the Republic of Equatorial Guinea Teodoro (Teddy) Nguema Obiang Mangue that he purchased with the proceeds of corruption.  

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Friday
Aug012014

Former Putin media chief tied to $28 million California real estate

Mikhail Lesin, left, with Russia Prsident Vladimir PutinThe Russian media boss who served as the Kremlin press secretary and helped set up the state-funded RT network has bought at least three houses in the Los Angeles area worth over $28 million, a U.S. senator said this week.

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Thursday
Jul242014

Report: DOJ to settle $70 million forfeiture action with Teddy Obiang 

The DOJ said last week it will settle a corruption-related civil forfeiture action involving more than $70 million in U.S. assets amassed by the son of Equatorial Guinea's dictator.

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Wednesday
Dec122012

Hunt is on for Africa's looted wealth

The world keeps shrinking for Africa's kleptocrats.

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