Teodorin Obiang, Equatorial Guinea’s Vice President, Charged with Money Laundering and Embezzlement in Paris
(Paris) – A Parisian court handed down a suspended three-year jail sentence and a €30 million ($35 million) fine to Teodorin Obiang Mangue, Equatorial Guinea’s vice president and eldest son of the country’s president, on October 27, 2017. The charges included embezzling millions from the government and laundering the proceeds in France.
A Decade-Long Legal Battle
The ruling follows a decade-long legal battle initiated by French anti-corruption organizations Transparency International France and Sherpa. They had alleged that Teodorin had laundered “ill-gotten gains” in France. Teodorin, also known as ‘Teodorin,’ has 10 days to appeal the decision.
Seized Assets Worth €100 Million
The court took control of Teodorin’s assets in France, valued at over €100 million, including a luxury mansion on exclusive Avenue Foch, supercars worth €5.7 million, art, jewelry, and other high-end items. France does not have laws for the repatriation of recovered assets, but organizations like Human Rights Watch are urging the government to return the funds to benefit the Equatoguinean people.
First of Three Cases Against High-Level Government Officials
This is the first of three cases against high-level government officials from different countries to reach a verdict, marking the first time a French court acknowledged the standing of non-government organizations to file a criminal corruption complaint. The other cases are still ongoing.
Teodorin’s Flamboyant Lifestyle and Money Laundering Investigations
Teodorin is known for his flamboyant lifestyle and has been under investigation for money laundering for years. Despite serving as the agriculture minister at the time, Teodorin reportedly spent over $315 million between 2004 and 2011 on property, cars, and luxury goods, nearly a third more than Equatorial Guinea’s annual spending on health and education combined during that period.
The Equatorial Guinean government has defended Teodorin, stating that his actions were legal under domestic laws. However, the government has never conducted an investigation into the allegations.
In 2016, Teodorin was promoted to vice president amid legal troubles, an attempt to use diplomatic immunity to shield him from prosecution. The government unsuccessfully sued France in the International Court of Justice to halt the proceedings, claiming they violated Teodorin’s immunity.
Teodorin has faced accusations of money laundering in other countries as well. In 2014, he settled a case with the US Department of Justice, agreeing to pay $30 million to repatriate the funds for the benefit of the Equatoguinean people. Switzerland is currently investigating him for money laundering.
Oil Wealth and Lack of Investment in Essential Services
The discovery of oil in Equatorial Guinea in the early 1990s transformed it from one of the world’s poorest countries to one with the highest per capita income in Africa. Yet, despite this, the government has invested only a small fraction of its oil revenue in health and education, leaving the country lagging behind regional averages in these areas.
In a June report, Human Rights Watch documented the ruling elite’s siphoning of the country’s oil wealth, primarily by owning stakes in companies awarded inflated public infrastructure contracts. The report highlighted the extent of graft and mismanagement that leaves little money for essential services.
Sarah Saadoun’s Statement
Sarah Saadoun, a business and human rights researcher at Human Rights Watch, said, “Teodorin Obiang’s conviction is a significant step forward in the fight against corruption in Equatorial Guinea. The French government should ensure the recovered funds are repatriated to provide essential services to the people, who have been denied their right to healthcare and education due to rampant government corruption."
A Culture of Impunity
Teodorin Obiang’s promotion to vice president to shield him from accountability is just another example of the culture of impunity in Equatorial Guinea. With this conviction, the curtain has finally been lifted on the corrupt practices of the country’s ruling elite.