Title: Equatorial Guinea Accuses Total of Financial Fraud: Demands 73 Million Euros in Compensation

Finance Minister’s Allegations against Total

Equatorial Guinea’s Finance Minister, Miguel Egonga Obiang, accused French oil giant Total of financial fraud on August 21, 2023. The Central African country demanded a compensation of 48 billion CFA francs (€73 million) after an investigation conducted between 2010 and 2012.

Uncovering Suspicious Fuel Sales Deals

During a press conference, Egonga Obiang announced that their investigation had uncovered a “suspicious and fraudulent situation” regarding fuel sales deals between Total and the Equatorial Guinean government. He demanded a proposal for settlement from Total during the meeting.

Total’s Response

Total’s management in Equatorial Guinea has yet to respond to AFP’s request for clarification concerning this matter. The government has handed the case over to the courts and initiated legal proceedings.

Background of the Case

Equatorial Guinea, an oil-rich country with a population of approximately one million inhabitants, is currently facing another high-profile corruption case. Vice-president and son of the long-standing president, Teodorin Obiang, is currently undergoing trial in France for ill-gotten assets totaling €150 million.

Teodorin Obiang’s Corruption Case

• The French prosecutor has called for a prison sentence, a €30 million fine, and the confiscation of various seized assets, including a building worth over €100 million, belonging to Teodorin Obiang.
• This case adds to the ongoing controversy surrounding Equatorial Guinea’s government and its business dealings with foreign companies.

Here’s a summary of the article:

• Equatorial Guinea accuses Total of financial fraud
• Demands €73 million in compensation
• Announces investigation into suspicious fuel sales deals in 2010-2012
• Total yet to respond, government initiates legal proceedings
• Equatorial Guinea faces high-profile corruption case with Vice-president Teodorin Obiang in France