👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

UK sanctions Equatorial Guinea leader's son over "lavish lifestyle" spending

Published 22/07/2021, 13:20
© Reuters. FILE PHOTO: Equatorial Guinea's Second Vice-President Teodoro Nguema Obiang Mangue addresses a plenary meeting of the United Nations Sustainable Development Summit 2015 at the United Nations headquarters in Manhattan, New York September 26, 2015..  REUTERS/Darren Ornitz/File Photo

LONDON (Reuters) -Britain on Thursday sanctioned the son of Equatorial Guinea’s president for misappropriating millions of dollars which London said was spent on luxury mansions, private jets and a $275,000 glove worn by Michael Jackson.

Foreign Secretary Dominic Raab said Teodoro Obiang Mangue, who is also vice president of Equatorial Guinea, had participated in "corrupt contracting arrangements and soliciting bribes, to fund a lavish lifestyle inconsistent with his official salary as a government minister".

The Equatorial Guinea government did not immediately respond to a request for comment from Reuters.

Britain said Obiang had bought a $100 million mansion in Paris, a $38 million private jet, a luxury yacht, and dozens of luxury vehicles including Ferraris, Bentleys and Aston Martins.

The foreign ministry said he also bought "a collection of Michael Jackson memorabilia including a $275,000 crystal-covered glove that Jackson wore on his "Bad" tour.

© Reuters. FILE PHOTO: Equatorial Guinea's Second Vice-President Teodoro Nguema Obiang Mangue addresses a plenary meeting of the United Nations Sustainable Development Summit 2015 at the United Nations headquarters in Manhattan, New York September 26, 2015..  REUTERS/Darren Ornitz/File Photo

His father President Teodoro Obiang Nguema Mbasogo has ruled Equatorial Guinea since taking power in a coup in 1979, eleven years after independence from Spain.

The country grew rich in the past few decades due to the exploitation of its oil reserves, but more than 76% of the population live in poverty, according to the World Bank.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.