Saturday, October 11, 2014

Government forces African leader's Son to Relinquishh $30 Million Mansion, Michael Jackson Memorabilia.

Photo courtesy of U.S. Immigration and Customs Enforcement.
Office of Public Affairs
Friday, October 10, 2014

The Department of Justice has 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 Nguema Obiang Mangue that he purchased with the proceeds of corruption.  

Second Vice President of Equatorial Guinea Agrees to Relinquish More Than $30 Million of Assets Purchased with Corruption Proceeds

According to court documents, Nguema Obiang, the son of Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo, received an official government salary of less than $100,000 but used his position and influence as a government minister to amass more than $300 million worth of assets through corruption and money laundering, in violation of both Equatoguinean and U.S. law.  Through intermediaries and corporate entities, Nguema Obiang acquired numerous assets in the United States that he is agreeing to relinquish in a combination of forfeiture and divestment to a charity for the benefit of the people of Equatorial Guinea.

The  Justice Department’s Criminal Division made the announcement after the settlement was signed and lodged with the U.S. District Court for the Central District of California.

Through relentless embezzlement and extortion, Vice President Nguema Obiang shamelessly looted his government and shook down businesses in his country to support his lavish lifestyle, while many of his fellow citizens lived in extreme poverty,” said Assistant Attorney General Caldwell.  “After raking in millions in bribes and kickbacks, Nguema Obiang embarked on a corruption-fueled spending spree in the United States.  This settlement forces Nguema Obiang to relinquish assets worth an estimated $30 million, and prevents Nguema Obiang from hiding other stolen money in the United States, fulfilling the goals of our Kleptocracy Asset Recovery Initiative: to deny safe haven to the proceeds of large-scale foreign official corruption and recover those funds for the people harmed by the abuse of office.

Under the terms of the settlement, Nguema Obiang must sell a $30 million mansion located in Malibu, California, a Ferrari automobile and various items of Michael Jackson memorabilia including life size statues from Neverland, purchased with the proceeds of corruption.  Of those proceeds, $20 million will be given to a charitable organization to be used for the benefit of the people of Equatorial Guinea.  Another $10.3 million will be forfeited to the United States and will be used for the benefit of the people of Equatorial Guinea to the extent permitted by law.

Nguema Obiang must also make a $1 million payment to the United States, for disbursement to the charitable organization,  representing the value of Michael Jackson memorabilia  which includes a Thriller Jacket and white rhinestone-encrusted glove from Bad Tour that was already removed from the United States

Michael Jackson's glove from the 'Bad' tour (Equatorial Guinea's Press and Information Office)
The red "Thriller" jacket and the rhinestone-encrusted glove from the Bad tour, went on display last year in the Equatorial Guinean capital as part of an exhibit.

Press Release  Edited by Love Survives

1 comment:

Anonymous said...

Wonderful memories that should never be sold.

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