Son of Equatorial Guinea’s President Reaches Court Deal with US over Alleged $300 Million Fraud

Teodoro Nguema Obiang Mangue, the son of Equatorial Guinea’s president, has reached a deal with a US court, to atone for his alleged corruption.
Mangue, who is also the country’s vice-president, reportedly  looted over $300 million from the country. He allegedly used $70 million out of the money to purchase exorbitant possessions, including a Gulfstream jet, Michael Jackson memorabilia, and a mansion — which has a nine-hole golf course, Times Colonist reports.
His official government salary is said to be less than $100,000, however; he reportedly used his influence to loot millions of dollars from the country. As a result, three years ago, U.S. authorities filed civil-forfeiture cases against Mangue.

            Obiang’s mansion in Malibu, California

A court settlement was finally reached a few days ago. Here are the terms:
1. He must sell his $30 million Malibu mansion, Ferrari, and Michael Jackson memorabilia and  give the proceeds to the citizens of Guinea
2.He must turn over $20 million from the sale of these assets to a charitable organization to be used to benefit the people of his country
3.Another $10.3 million will be forfeited to the U.S. government, which will use the money to benefit Equatorial Guinea’s people to the extent permitted by law
4.He will also pay $1 million to cover the value of Michael Jackson memorabilia already removed from the United States, including a “Thriller” jacket and crystal-covered glove