Returning ill gotten gains to Equatorial Guinea

Written by Althaf Ali, CiFAR.

Equatorial Guinea, while rich in natural resources, is plagued by the corruption and embezzling of its national treasury by the Obiang family.

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.

In 2017, French courts made headlines by convicting Teodorín Obiang of embezzlement and money laundering and in 2021 French courts confirmed the confiscation of Teodorín’s assets, amounting to EUR 150 million.  Similar to the Biens mal acquis case, in 2011, the U.S. Department of Justice and  Swiss authorities confiscated assets amounting to millions of dollars. Assets in Switzerland were auctioned and the proceeds are to benefit Equatorial Guinea’s people, with the funds yet to be returned, while France’s National Assembly adopted a new law to return these assets.

In 2023, together with REDRESS, EG Justice, Human Rights Watch and Transparency International France we explored avenues to repatriate the assets for the benefit of Equatorial Guineans.

The report’s main findings on how to repatriate the assets highlighted:

  1. With asset forfeiture happening abroad, any repatriation process to return the assets must be guided by GFAR principles and by the Civil Society Principles for Accountable Asset Return
  1. Involving Civil Society: Civil Society engagement in the asset return process is vital to hold the government accountable given its reputation for mismanagement and corruption.
  2. Benefiting Educational Cultural and Social Justice and Development Programs: The assets must be used for projects that will address social and economic injustices in the country. This includes educational programs, investing in arts and culture and training journalists.

While the report presents a roadmap, implementing these recommendations will not be without challenges. However, for Equatorial Guinea, the transparent and responsible use of these repatriated assets could serve as a turning point, fostering a more just and equitable society for all its people.

Read more about the recommendations of the report here.

Read more about CiFAR’s work on return mechanisms here and on victims and asset recovery here.