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The Vice President Of Equatorial Guinea Loses His Appeal Against The Embezzlement Verdict

A guilty decision for embezzlement against the son of Equatorial Guinea’s president has been maintained by France’s highest appeal court, clearing the way for the probable return of tens of millions of euros to the country’s citizens.
Teodoro Nguema Obiang Mangue, the vice president of the Gulf of Guinea nation, was sentenced to a three-year suspended sentence and a fine of 30 million euros ($35 million) at the end of his in absentia trial in 2020.
The confiscation of luxury assets seized in France during the investigation was ordered.
The seized assets, which include a home in the center of the French city, are estimated to be worth around 150 million euros ($177 million) by Transparency International, which was a party to the case.
Obiang has consistently denied any wrongdoing and contended that French courts had no jurisdiction over his assets, but his appeal was dismissed by the Cour de Cassation.
The controversy centers on a luxurious property on Avenue Foch in Paris, which is a large, sweeping street near the Arc de Triomphe.
There are 101 rooms, a gym, a hair salon, and a disco with a movie screen.
Now that he can no longer file appeals, his assets will be auctioned off under a new French law that mandates that the proceeds go back to Equatorial Guinea rather than to the French state coffers.
This could be done through local or international non-governmental organizations (NGOs) or the Frances development aid fund.
The UK imposed penalties on Wednesday, two days after Equatorial Guinea closed its embassy in London in response to the UK government’s decision to censure Obiang.
The UK accused him of siphoning off state assets into his own bank accounts to maintain a lavish lifestyle that included houses throughout the world, luxury cars, and Michael Jackson’s crystal-covered glove, which he wore on his “Bad” tour in 1987-89.
President Teodoro Obiang Nguema Mbasogo, Obiang’s father, has controlled Equatorial Guinea since a coup in 1979, 11 years after the country’s independence from Spain.
Over the last few decades, the country’s economy has grown significantly due to the exploitation of its oil deposits.
According to World Bank data, however, more than 76 percent of the population continues to live in poverty.
Additional cases of suspected theft of cash by foreign authorities are pending in France, with the possibility of money being returned to the affected populations.
Rifaat al-Assad, the exiled uncle of Syrian President Bashar al-Assad, was found guilty by a French court of obtaining millions of euros in French property with cash misappropriated from the Syrian government.
In that case, an appeal is still underway.
He has categorically denied any misconduct.

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