News
UK Sanctions Guinea President’s Son For Splashing $500 million On Mansions, 75 Luxury Cars, Private Jets
UK place fresh sanctions on Guinea President’s son ‘Obiang’ for splashing $500m on mansions, luxury cars, private jets, Michael Jackson’s glove.
25 of his cars seized by Swiss authorities in 2016 for money laundering, were auctioned off for $27million (₦9.8 billion).
His Lamborghini Veneno Roadster, one of only nine of such versions produced, was sold for ₦3 billion ($8.4 million).
Britain has announced new sanctions on the Guinea’s vice president, Teodoro Nguema Obiang Mangue, for an alleged misappropriation of state funding, corrupt contract agreements and solicitation of bribe.
Obiang is the son of the current president, Teodoro Obiang Nguema Mbasogo, who has served as the 2nd president of Equatorial Guinea since August 1979.
The 53 year vice president reportedly misappropriated over $500 million (N205.6 billion) since his government appointment two decades ago.
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He reportedly splashed $38 million private jet, $100 million on mansion in Paris and a glittery, a crystal-covered glove Michael Jackson wore during his “Bad” tour, bought for $275,000.
Teodoro is also a fan of luxury cars. Some of his 25 seized luxury cars, which were recently auctioned off includes rare cars like Aston Martin One-77, Ferrari LaFerrari, Koenigsegg One:1, Lamborghini Veneno Roadster and McLaren P1.
These cars, which includes seven Ferraris, three Lamborghinis, five Bentleys, a Maserati, Rolls-Royces and Bugattis, were part of the 75 seized by Swiss authorities in 2016 as part of an investigation into money laundering.
His Lamborghini Veneno Roadster, one of only nine of such versions produced, was sold for ₦3 billion ($8.4 million). It has been driven for only 325 kilometers (201 miles).
In total, about $27million (₦9.8 billion) were recovered at the Bonhams auction in Switzerland. The proceeds from the sale, which beat the $18.7m that authorities had hoped to fetch, was donated to social programs in Equatorial Guinea.
Presently, about 76% of Equatorial Guinea’s 1.2 million population live in poverty and one-third lack access to basic sanitation.
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