Most of that will go back to funding special projects in the oil-rich African state.

Swiss charges against Toedorin Obiang Nguema were dropped in 2017. But the Bern authorities keep the goods they seized – including the cars and a 76-metre luxury yacht.

The most valuable  car was a 2014 Lamborgini Veneno roadster, one of only nine made to celebrate the manufacturer’s 50th anniversary. It sold for $8,5 million – service manual and tools included.

The president’s son, worth $600 million  was sentenced by a Paris court to three years in jail for siphoning off funds from Equatorial Guine to buy luxury goods. 

The post Luxury cars seized from son of Equatorial Guinea President’s son fetch million on auction appeared first on Jean-Jacques Cornish.

A source in the oil rich African country says Teodorin Obiang Nguema, who is the son of the president, is seeking medical treatment in Brazil.

Teodorin Obiang Nguema was handed a three year suspended sentence for money laundering by a French court last year.

It was said then he regards Equatorial Guinea’s central bank as his private ATM.

Brazilian authorities and those in Eguatorial Guinea have not commented on the seizure at Viracopos airport near São Paulo.

Nguema, who traveling with with a 10-man delegation,  has diplomatic immunity but the money and watches were taken by authorities because he was not on an official visit to Brazil.

The post Brazilian authorities seize $16m in cash from Equatorial Guinea vice president appeared first on Jean-Jacques Cornish.