Financial Crime World

France’s Court of Cassation Upholds Vice President Teodoro Nguema Obiang Mangue’s Conviction for Money Laundering and Embezzlement

Final Verdict in a Decade-Old Case

Paris (AP) - In a landmark ruling, France’s Court of Cassation upheld the conviction of Equatorial Guinea’s Vice President, Teodoro Nguema Obiang Mangue, for money laundering and embezzlement of public funds worth millions on Wednesday, March 3, 2021.

Initial Complaint and Conviction

  • The case began over a decade ago when Transparency International France, an anti-corruption watchdog, filed the initial complaint against Obiang in 2010.
  • In 2017, Obiang was convicted and sentenced to a suspended three-year term, fined €30 million, and ordered to forfeit French properties worth tens of millions of euros.

Unsuccessful Appeals and Claims of Diplomatic Immunity

  • Despite Obiang’s repeated appeals and claims of diplomatic immunity, he did not acknowledge these in person for court proceedings.
  • Neither Obiang nor his legal team were able to successfully challenge the case.

Seizing Proceeds of Corruption

  • The assets seized during the investigation will now be returned to the people of Equatorial Guinea under a new French legal procedure.

Extravagant Spending

Obiang was allegedly known for his extravagant spending on luxury items, including:

  • Cars
  • Designer clothes
  • Artworks
  • High-end real estate

Funds Obtained from Corruption and Lack of Transparency in Equatorial Guinea

  • Despite Equatorial Guinea’s oil and gas riches, the gap between the ruling elite and the majority of the population is vast.
  • The former Spanish colony has long been criticized for its endemic corruption and lack of transparency.
  • Widespread poverty exists among the population, who mainly rely on subsistence farming.

Reactions to the Verdict

Patrick Lefas, the head of Transparency International France, issued a positive assessment of the decision, saying:

  • “With this decision, French justice confirms that France is no longer a safe haven for money stolen by foreign leaders and their entourages.”

Much-Needed Relief and International Cooperation

  • The French authorities’ decision to repatriate the funds obtained from Obiang’s criminal activities is expected to bring much-needed relief to the people of Equatorial Guinea.
  • The importance of international cooperation in the ongoing fight against financial crime and its effects on vulnerable populations is highlighted by this case.