Equatorial Guinea
In France, the "Biens mal acquis" (Ill-gotten gains) case was a first of its kind proceedings. Legal action was brought against a current, high ranking official, and which saw the confiscation and seizure of amassed luxury assets from the Equatoguinean vice president. The case began thanks to the efforts of anti-corruption organisations, Transparency International France and Sherpa, who accused Obiang of embezzling state funds to buy luxury assets in France. Our work on Equatorial Guinea has focussed on support for the victims of corruption to participate in decisions around assets due to be returned.
Overview
In France, the Biens mal acquis (Ill-gotten gains) case was a first of its kind proceedings, with legal action brought against a current, high ranking official, and which saw the confiscation and seizure of amassed luxury assets from the Equatoguinean vice president. The case began due to the efforts of anti-corruption organisations, Transparency International France and Sherpa, who accused Obiang of embezzling state funds to buy luxury assets in France.
Despite earning an official salary of less than USD 100,000 annually, he amassed a fortune, purchasing:
A 101-room mansion on the exclusive Avenue Foch in Paris valued at over EUR 107 million. The house was decorated with more than EUR 40m worth of furniture, including a EUR 1.6m Louis XV desk, a Rodin sculpture and a dozen Fabergé eggs.
A fleet of luxury cars, including Ferraris, Bugattis, and Maseratis.
High-end art and designer goods such as watches, suits, and wines.
In 2017, French courts made headlines by convicting Teodorín Obiang of embezzlement and money laundering. In 2021, France’s highest appeal court, the Court of Cassation, upheld this conviction and confirmed the confiscation of Teodorín’s assets amount to EUR 150 million. Teodorin Obiang was also fined an addition EUR 30 million by the court.
Similar to the Biens mal acquis case, in 2011, the U.S. Department of Justice seized over USD 70 million in assets from Teodorín Obiang, while Swiss authorities in 2017 confiscated his USD 100 million yacht and 25 luxury cars. Obiang agreed to forfeit USD 30 million in the U.S. in 2014, and Switzerland auctioned the cars in 2019, raising USD 27 million. The proceeds of the Swiss auction is to benefit Equatorial Guinea’s people, with the funds yet to be returned.
Responsible asset repatriation is critical in Equatorial Guinea where entrenched corruption creates a high risk that the funds will be re-stolen. It is imperative that any repatriation process is guided by GFAR principles and by the Civil Society Principles for Accountable Asset Return.
Our work in Equatorial Guinea
Our work on Equatorial Guinea has focussed on support for the victims of corruption to participate in decisions around assets due to be returned. Towards this aim, we have worked with coalitions of organisations to support transparency, accountability and participation in the return of assets to Equatorial Guinea for several years. This has included participating in and organising roundtable discussions and engaging in dialogue around potential return modalities.
Latest research
2024 CAPAR Assessment Equatorial Guinea
This pilot assessment provide a first round of analysis of the implementation of the Common African Position on Asset Recovery in Equatorial Guinea, assessing commitments across the four CAPAR pillars.
How to Return Teodorin Obiang’s Ill-Gotten Assets to their Rightful Recipients: the People of Equatorial Guinea
This report, published by an alliance of Equatorial Guinean and international organisations, proposes avenues to repatriate the recovered assets in different countries for the benefit of Equatorial Guineans in a way that helps combat corruption, while empowering victims through participating in the design of reparations and disbursement of funds to their rightful recipients: the citizens of Equatorial Guinea.