French court strips Obiang of local assets after embezzlement conviction
Friday, November 3, 2017 at 8:28AM
Richard L. Cassin in France, Kleptocracy Asset Recovery Initiative, Teodorin Obiang

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.

The judge confiscated all of Obiang's assets in France, fined him €30 million ($35 million), and gave him a suspended three-year prison sentence.

The court said Obiang used the stolen money to buy a 20-room apartment in Paris worth about €80 million ($93 million), a fleet of luxury cars, and high-end art.

Obiang's government salary was less than $100,000 a year.

In 2014, the U.S. DOJ brought a forfeiture action against Obiang under the Kleptocracy Initiative.

In a settlement, Obiang was forced to sell a $30 million mansion in Malibu, California and donate the money to a charity to help people in Equatorial Guinea.

He also forfeited a Ferrari and Michael Jackson memorabilia, and another $10.3 million in cash. The DOJ said the assets were "the proceeds of corruption." 

Despite the country's oil wealth, 70 percent of Equatorial Guinea's one million people are poor. Nearly half  lack access to clean water. In 2016, 42 percent of the kids weren't registered in primary school.

Meanwhile, Obiang is known as the "Playboy of Instagram" for showing off his wealth on social media.

The French investigation of Obiang started in 2010 after Transparency International France and Association Sherpa filed a complaint.

Obiang -- who was promoted from minister of agriculture and forestry to vice president after the French investigation started -- claimed immunity from prosecution. But the judge in Paris ruled that the trial should go ahead.

Obiang wasn't in France during the trial.

Here's a clip from the Economist about Obiang and his Instagram lifestyle.

 

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Richard L. Cassin is the publisher and editor of the FCPA Blog.

Article originally appeared on The FCPA Blog (https://www.fcpablog.com/).
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