The Swiss government has announced the return of nearly $29 million to Equatorial Guinea, following the auction of luxury cars seized from Teodoro Nguema Obiang Mangue, the son of the country’s president and vice president. The funds, which will be strictly monitored, are expected to improve healthcare services in the African nation.
The case against Nguema Obiang Mangue, who has been under investigation since 2016, involved the seizure of 25 luxury vehicles, including Ferraris, Lamborghinis, and a McLaren. He was charged with money laundering and misuse of public funds.
The Swiss foreign ministry confirmed the signing of a deal detailing the return of 22.8 million Swiss francs ($28.6 million) to Equatorial Guinea. This development is part of a broader effort to recover stolen assets and promote transparency and accountability.
Background
This case is not the first time Nguema Obiang Mangue has faced scrutiny. In 2022, the US Department of Justice reached a settlement with Teodorin Obiang, who was accused of “relentless embezzlement and extortion.” He agreed to pay over $30 million, which would be used to benefit the people of Equatorial Guinea.
The returned funds are expected to positively impact the lives of Equatorians by enhancing healthcare services. This move demonstrates Switzerland’s commitment to cooperating with countries to combat corruption and return stolen assets.