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Son of Equatorial Guinea’s President Reaches Court Deal with US over Alleged $300 Million Fraud

BellaNaija.com

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Guinea
Teodoro Nguema Obiang Mangue, the son of Equatorial Guinea’s president, has reached a deal with a US court, to atone for his alleged corruption.

Mangue, who is also the country’s vice-president, reportedly  looted over $300 million from the country. He allegedly used $70 million out of the money to purchase exorbitant possessions, including a Gulfstream jet, Michael Jackson memorabilia, and a mansion — which has a nine-hole golf course, Times Colonist reports.
His official government salary is said to be less than $100,000, however; he reportedly used his influence to loot millions of dollars from the country. As a result, three years ago, U.S. authorities filed civil-forfeiture cases against Mangue.
Mansion

Obiang’s mansion in Malibu, California

A court settlement was finally reached a few days ago. Here are the terms:
  •  He must sell his $30 million Malibu mansion, Ferrari, and Michael Jackson memorabilia and  give the proceeds to the citizens of Guinea
  • He must turn over $20 million from the sale of these assets to a charitable organization to be used to benefit the people of his country
  • Another $10.3 million will be forfeited to the U.S. government, which will use the money to benefit Equatorial Guinea’s people to the extent permitted by law
  • He will also pay $1 million to cover the value of Michael Jackson memorabilia already removed from the United States, including a “Thriller” jacket and crystal-covered glove

Part of Michael Jackson’s memorabilia Mangue purchased

Speaking on the settlement, Thomas Winkowski, acting director of Immigration and Customs Enforcement stated that:
“While this settlement is certainly gratifying for the many investigators and prosecutors who worked tirelessly to bring it to fruition, it is undoubtedly even more rewarding for the people of Equatorial Guinea, knowing that at least some of the money plundered from their country’s coffers is being returned to them.”
Although Mangue has agreed to the settlement terms, he still insists that the money was acquired through legal means.
“My property was acquired with funds earned in accordance with the laws of my country and through business dealings inside and outside Equatorial Guinea,” he said.
Photo Credit: Flickr/CelebrityHomePhotos.com/Julians Auction House

30 Comments

  1. el patron

    October 13, 2014 at 7:59 pm

    Smh! Africa
    Father president,son vice president..wow equatorial guinea Smh

  2. Mademoiselle

    October 13, 2014 at 8:12 pm

    Oh Africa, my Africa! Even if they succeed in getting him to turn over the money, the citizens still won’t benefit from/see any of it. Smh.

  3. Desert Rainbow

    October 13, 2014 at 8:17 pm

    Na wah!!!! Na real waaaah!!!

  4. Pee

    October 13, 2014 at 8:33 pm

    That’s just a slap on the wrist in my opinion. Teodoro and his dad looted much more than that and they are still looting. What about his properties in France? His Bugatti Veyron?

    Inspite of al of these, why is America so interested in these corruption charges, when their politicians benefit from the corruption as well? Let’s be serious and call a spade a spade. They are just looking for a genuine reason to invade Equatorial Guinea because we all know that Teodoro will NOT return those funds.

  5. UZOAMAKA

    October 13, 2014 at 8:40 pm

    Please what does this statement mean? “Another $10.3 million will be forfeited to the U.S. government, which will use the money to benefit Equatorial Guinea’s people to the extent permitted by law”

    • Shadie

      October 13, 2014 at 10:48 pm

      @uzoamaka, the $10.3 million is for America the rest is just English. America will always without fail serve its own interest. Bloody robbers.

    • Joyce

      October 14, 2014 at 5:00 am

      @Uzoamaka, I asked the same question. Only US government knows what it means, they need to elaborate that statement.

  6. nameoh

    October 13, 2014 at 8:42 pm

    You would think he would get a proper barber or hairdresser with all the money he stole. smh

    • Bella

      October 14, 2014 at 9:35 am

      My dear the statement ” money does not buy class” come to mind, your comment literally had me ROTL. I did a double take on his picture and after reading that he purchased MJ’s memorabilia, dude clearly has issues! That hair though. I am just wondering why one would buy these things, are you a museum? Your country and its people are suffering and here you are collecting MJ’s memoirs, na wa o!

  7. i no send

    October 13, 2014 at 8:49 pm

    but the usa will benefit from all this too..na wa

  8. nene

    October 13, 2014 at 8:56 pm

    hian! there should be a limit to acquiring wealth. this is stupid and worthless money that would’ve been invested in development of a country.

  9. sarah

    October 13, 2014 at 9:15 pm

    this is rediclous….AFRICA!. i just research this guy and i was shocked. dailymail.co.uk/news/article-2053554/The-Malibu-playboy-set-lose-70m-fortune–spent-3m-Michael-Jackson-collectables-people-African-country-lived-ONE-DOLLAR-day.html

  10. Suwa

    October 13, 2014 at 9:30 pm

    African Leaders!! this is what majority do to their countries! they just loot it! How will Africa ever develop to equal continents like Europe and America!!! How wont the US benefit from all the money he came to spend in their country?? Is it free to arraign such a person and charge him to court and force him to give the money back to his country?? Could Equatorial Guinea do it??? That all some people like i no send will see to talk about

  11. bruno

    October 14, 2014 at 12:42 am

    (My mouth is on the floor). Father is president son is vice president, what of the mother and sisters and brothers and the cousins, uncles and aunts,SMH Africa is a rotten continent.the Black race is DOOMED. We are destroying our selves, by the way, what is he doing with the michael jackson memorabilia. Speechless

  12. tawa

    October 14, 2014 at 12:54 am

    Upon all, he is not even fine – nonsense

    • Bella

      October 14, 2014 at 9:36 am

      LOLLEST – chai you are harsh o. But I agree na wa o!

  13. scot

    October 14, 2014 at 12:59 am

    so sad!!!!!! where is this ppl’s heart,even devil sometimes have pity….. ppl r starving to death for God sake

  14. Miss Mo

    October 14, 2014 at 1:22 am

    SMDH….. Africans, will we ever learn????

    Since we don’t know what to do with our wealth and resources, the white/wise man will continue to help themselves and exploit us.

    I weep for my continent.

  15. mujer

    October 14, 2014 at 1:46 am

    What is it with these forty something kids of the MJ era? That is how Jesse Jackson’s congressman kid ended up in jail for buying bloody MJ paraphenelia with money he should not have used. Michael has moved on. You all should move on. Is that jerry curls a la Jackson five on his head? I think at some point it might be okay to declare some of these folks insane.

  16. ToriToh

    October 14, 2014 at 2:16 am

    Oh okay….so the benevelont and pro-justice US Gov’t gets $10.3 mil. How convenient. So who will check and balance the use of the $10.3 mil for the p of Eq G? Hmmm hmmm

  17. Deema

    October 14, 2014 at 5:18 am

    Is this not the same Guinea where foreigners are currently helping them fight Ebola because they are are too poor to fight it themselves? Where people are dying daily because of no access to medical treatment, unsafe roads and hunger? I tire. Our ‘leaders’ are the absolute worst.

    • Shao

      October 14, 2014 at 6:20 am

      No that’s Guinea Republic in west Africa. This one above is Equitorial Guinea in East Africa.

  18. Mizzy

    October 14, 2014 at 7:14 am

    So he ws d 1 dt bot d gloves? Na wa o, I remember wen it ws put up 4 sale. Its sad on aw Africans tk political office as deir own gain 2 achieve stupid wealth. God help us

  19. Madikyzela

    October 14, 2014 at 8:00 am

    Its in Central Africa…..so now how are you a “leader” and you stand tall while your people languish in extreme poverty???

  20. Madikyzela

    October 14, 2014 at 8:03 am

    MJ’s memorabilia worth that much??? Rlly? When i see such stories i just wish Africa was a country & not a continent…Nkt.

  21. ducii

    October 14, 2014 at 8:32 am

    Do some research, instead of spewing nonsense, There is Equitorial Guinea and there is Guinea Bissau, both African countries SMH honestly people can be dumb

  22. Anonymous

    October 14, 2014 at 8:44 am

    Is this not Eve, the rapper/actress ex boyfriend?

  23. Tony

    October 14, 2014 at 11:31 am

    Which kind hair be that. Rolling on the floor with laughter. This guy does not need to be jailed but rather sent to mental institution. He looks foolish from this picture and it pains me to see that our continent languishes with poverty in the air and some rat would take public funds to buy gloves.

    Ohhhhhhhhhh. Diaris god oooooo. All these money that people are sharing. Dame P, please tell them oh

  24. Tosin

    October 14, 2014 at 9:21 pm

    Guinea ti West Africa,
    o yato si Equatorial Guinea,
    o tun yato si Guinea Bissau.
    Play this game a few times, at least know Africa if not the world: realbubbler.blogspot.com/2013/10/where-iskenya.html

  25. Mabel

    October 14, 2014 at 11:21 pm

    The country looks like shyt but this mofo is driving around in Ferraris and Lambos, sipping champagne everyday and living in mansions. Am I angry? No, I am pissed the hell off and sick and tired of the these leaders with no balls. He should be sent to a labour camp somewhere to work 12hr days, and get just enough food to survive while living in a rat and cockroach infested hovel, maybe then they would have compassion on the poor and stop stealing aid money.

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