Equatorial Guinea’s VP loses appeal to French court over frozen assets

A French court has dismissed the appeal of the vice president of Equatorial Guinea over “illicit assets”.

Teodoro Nguema was convicted to three years in jail with a suspended sentence, 30 million euros in fines, and seizure of his assets in France on February 10, 2020, for embezzlement of public funds and breach of trust” between 1997 and 2011.

The United Kingdom also sanctioned Teodoro Nguema Obiang, the son of the country’s former president, a few days ago for allegedly siphoning public funds into his personal bank accounts.

Britain said last week that it would impose an asset freeze and a travel restriction on Mangue to prevent him from channeling money via UK banks or entering the country.

Teodoro Nguema vice president of Equatorial Guinea and son of the President

According to the Brits, Teodoro Nguema, the vice president of Equatorial Guinea, was sanctioned for “misappropriation of public funds” and bribery that allowed him to live a luxurious lifestyle. In addition to luxurious residences across the globe, he is alleged to have spent more than $500 million on private aircraft, vehicles, and Michael Jackson’s gloves. The sanctions, including asset freezes and travel bans to the UK.

The central African nation has accused the British government of “unilateral and illegal” sanctions against it. In addition, Equatorial Guinea accuses some non-governmental organizations of spreading “lies” about its good image and has characterized the British government’s attitude as “unfriendly.”

Teodoro Obiang Nguema, 79, has governed Equatorial Guinea for more than 41 years, his son Teodoro the vice President, who has been ubiquitous on the public stage for more than a year, is increasingly being portrayed as his successor.

Equatorial Guinea has a population of just over a million people. Over the last several decades, the country’s economy has grown significantly due to the extraction of its oil deposits. Yet, according to World Bank data, more than 76 percent of the population remains impoverished.

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