Witness welcomes today’s ruling from the French courts which found Teodorin Obiang, the son of the dictator of oil-rich
Equatorial Guinea guilty on charges of laundering
the proceeds of corruption, embezzlement and misuse of public funds. It has been
announced that all Obiang’s seized assets will be confiscated and he
will receive a three year suspended prison sentence and a €
30 million suspended fine. This is a landmark ruling as it is the first time ever that
a high-level official has been called to account on corruption related charges
whilst still in office.
It is the result of a decade-long campaign in France by civil society organizations, led by Transparency International-France and Sherpa, to bring Obiang to account for his profligate lifestyle funded by money that rightly belongs to the people of Equatorial Guinea. This case demonstrates how civil society can take the lead and paves the way for future investigations in prosecuting international grand corruption.
Mark Hays, Team Leader, Anti-Money
Laundering Campaign, Global Witness, commented: “Today’s historic verdict brings a measure of justice
for the people of Equatorial Guinea, who have been robbed of hundreds of
millions by Teodorin Obiang over many years. The next step is to ensure that
these ill-gotten gains are restored to the victims of Obiang’s corrupt
“The relentless work of Transparency International France and Sherpa shows the world that corruption will not go unpunished. However, flaws in the international financial system, which made this corruption possible, remain. If governments are serious about stopping the corrupt from enjoying safe haven, they must address the role that anonymous companies, financial professionals and institutions play in serving them”.
Equatorial Guinea is a resource-rich that is plagued by corruption, poverty, and repression.
According to the World Bank’s latest figures, as
many as three quarters of the population live below the poverty line
whilst vast oil revenues fund the luxury lifestyles of the elite surrounding
the President and his family.
The Obiang regime has a long track record of looting money that belongs in Equatorial Guinea’s treasury. Global Witness investigations – here and here - have previously revealed how Teodorin has enjoyed multi-million dollar spending sprees - a $35 million Malibu mansion, speedboats and a fleet of fast cars - whilst earning a ministerial salary of between $4,000-5,000 a month. In 2011, Global Witness learned that he had commissioned plans to build a superyacht worth $380 million - almost three times more his country’s annual health and education budgets combined. Corruption on this scale would be less attractive if countries such as France, the UK and the US were not safe havens.
Today’s ruling should serve as a warning to kleptocrats that France is no longer a safe haven for their corrupt cash. Other cases under consideration by French judges include the Presidents of Gabon and the Republic of Congo.
Campaign Leader on Anti-Money Laundering Campaign
You might also like
Report An African dictator's playboy son and a multi-million dollar shopping spree in the U.S.
Report How the financial system enables state looting at a devastating human cost.