• Breaking News

    Friday, November 4, 2016

    Equatorial Guinea president son in possession of 11 luxury cars in Geneva but seized by Switzerland authorities

    Image result for Equatorial Guinea president son's luxury cars have been seized by Switzerland authorities
    Switzerland Authority has accussed the president's son, Teodorin Obiag Nguema of money laundering after seizing total number of eleven luxury cars found in his possesion.

    The accused is yet to respond to the accusation of the said luxury cars.

    Among them was reportedly a Porsche valued at more than $830,000 (£667,000) and a Bugatti Veyron which sells for $2 million (£1.7 million).

    The accused is due in court next year in France on similar charges, which he denies.

    Prosecutors in Geneva say he has plundered his country's oil wealth to buy luxuries, including a private jet and Michael Jackson memorabilia.

    Equatorial Guinea, a small country on the west coast of Africa, struck oil in 1995.

    Its president, Teodoro Obiang Nguema, is Africa's longest serving leader. He has been described by rights organisations as one of Africa's most repressive leaders.

    He seized power in 1979.

    Mr Obiang, 47, was promoted in June by his father to be vice-president.

    He was already set to face trial in France next year on corruption and embezzlement charges.

    He is challenging those charges at a UN court and is not expected to appear before the French judges.

    Source: BBC-News

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