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
Blue Earth Capital secures over $100 million first close Impact secondaries strategy targets emerging markets, including Africa and...
Coris buys Portugal state’s 59.81% stake in Banco Comercial do Atlântico Deal approved by Portugal and Cape Verde regulators Transaction...
Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross-border financing rose to CFA405.6 billion Credit...
Sahel Capital secures $29 million first close for agribusiness fund SCAF II targets West African agribusiness value chains Fund makes first...
Most Read
01

Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross...

Togo accounts for 16.2% of cross-border bank financing in WAEMU
02

Nigerian fintech Paystack launches Paystack Microfinance Bank Bank created after acquiring ...

Stripe-Owned Paystack Enters Nigerian Microfinance Banking Via Acquisition
03

Nigeria granted Amazon Kuiper a seven-year license starting February 2026 The move opens comp...

Amazon wins approval to enter Nigeria’s satellite internet market
04

Tether partnered with the United Nations Office on Drugs and Crime to strengthen digital asset cyb...

Tether and UNODC Launch Digital Asset Cybersecurity Initiative in Africa
05

Microfinance deposits in Togo increased by CFA11.9 billion, a 2.7% rise in the second quarter of 2...

Microfinance: Deposits in Togo Rise 2.7% in Second Quarter of 2025
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.