Public Management

E. Guinea: Assets seized from Vice President will be used to fight Covid-19

E. Guinea: Assets seized from Vice President will be used to fight Covid-19
Thursday, 23 September 2021 18:08

The assets seized from the vice president of Equatorial Guinea, Teodoro Nguema Obiang Mangue (pictured), will be redirected to the fight against Covid-19 in the country. The decision was announced on September 20 by the U.S. Department of Justice.

Of the $26 million, $19.25 million will be made available to the United Nations for the "purchase and distribution of vaccines against covid-19" and the remaining $6.35 million will go to Medical Care Development International (MCDI) “for the purchase and distribution of medicines and medical supplies.”

The U.S. justice system accused Teodoro Nguema Obiang Mangue of acquiring $300 million in assets through corruption and money laundering in 2011. He did so by using his "position and influence" while he was Minister of Agriculture and Forestry. Some of these funds were allegedly used by the vice president to purchase property in the United States, including a $30 million mansion and various items that belonged to artist Michael Jackson.

Teodoro Nguema Obiang Mangue is no stranger to legal troubles. In 2016, the Swiss justice seized 11 luxury cars from him. The vehicles were then sold at auction and part of the money was used in social projects in Equatorial Guinea. A year later, France sentenced him to three years in prison suspended with a €30 million fine, and seized some of his assets, including a $120 million property.

In 2018, Brazilian customs seized about $1.5 million in cash and luxury watches valued at more than $15 million from his luggage at the Viracaspos airport. This year, the 53-year-old's assets were frozen in the UK as part of anti-corruption sanctions announced by London.

Jean-Marc Gogbeu (intern)

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing package to Invictus Investment Company PLC (ADX:...
Burkina Faso restructures public funds into four targeted financing mechanisms New funds aim to streamline spending, improve oversight, and reduce...
Zenith Bank explores East African expansion, holds talks with regulators Denies reports of confirmed Paramount Bank acquisition in...
Cameroon backed $44.9M in BDEAC loans to three private firms Treasury guarantees cover 50% of loans for hotel, plant, logistics projects...
Most Read
01

DRC minister visited Huawei China center to boost AI training cooperation Talks focused on launch...

DRC, Eyeing AI for Farms and Mines, Seeks to Launch Academy with China’s Huawei
02

China says Premier Li Qiang will attend instead of President Xi Jinping The U.S. and Russia also ...

South Africa Loses More Support as Xi Jinping Also Skips the G20 Summit
03

After two years of limited testing, WhatsApp will soon let users and businesses hide their phone num...

WhatsApp to Launch Usernames in 2026, Changing How Customers Reach Businesses
04

Public Eye claims over 90% of Cerelac samples in Africa contain added sugar, averaging 6 g per por...

Nestlé Faces New Claims of Excess Sugar in African Baby Cereals
05

MTN Innovation Lab hosts Africa HealthTech Export 2025 Bootcamp in Cotonou Event targets s...

Africa HealthTech Bootcamp Opens in Benin With Focus on Regulation and Startup Growth
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.