Money Laundering: 11 Cars Seized From African Union’s Chairman In France

French police swooped on a £ 15 million Paris mansion and impounded 11 vehicles worth about £5 million. The mansion belongs to the Teodoro Obiang, the President of Equatorial Guinea who also doubles as the Chairman of the African Union. The action was prompted by a money-laundering investigation being conducted on the President.

The impounded vehicles included 2 Bugatti Veyrons, a Ferrari 599 GTO and a Maserati MC12, all registered in the name of Teodoro Obiang Nguema. An Aston Martin V8 600lm, a Drop top Rolls Royce Phantom coupe, a Porsche Carrera GT, valued at £350,000, a number of Bentleys and a Ferrari Enzo.

French officials are conducting an inquiry into allegations that the 69-year old Obiang used his government’s money to buy property in France.

Obiang is believed to have stashed fortunes in offshore bank accounts since he came to power 32 years ago.

A staff of the house who was around when the vehicles were impounded disclosed that the cars most of which looked new were normally used by Teodorin, the President’s 40-year old first son.

Findings also revealed that Equatorial Guinea’s “First Son” has had his fair share of controversies, especially for his ostentatious lifestyle. Earlier this year, he acquired a yacht, complete with a cinema, bar and swimming pool.

He also bought two choice properties in Cape Town, South Africa as well as a Lamborghini Murcielago and two Bentleys.

Findings revealed that the seized cars could be sold on auction.

Incidentally, while the Obiang family lives in affluence, majority of Equatorial Guineans live below the poverty line.

Credit: Mail

Author: NewsAdmin

4594 stories / Browse all stories

Related Stories »

Provide your email below, and we will notify you the latest news freely.


calendar »

October 2011
« Sep   Nov »