Filed under: Government/Legal, Earnings/Financials
Corruption is a big problem around the world, but perhaps nowhere more than in African dictatorships. Proof? Despite living in one of the wealthiest countries on the African continent, the citizens of Equatorial Guinea live in abject poverty. Clean drinking water is available to less than half the populous, and one in five children is dead before their fifth birthday.
As so often seems the case with dictatorships, while the citizenry suffers, the rulers of EG live in the lap of luxury. With any luck, though, justice might be catching up to “President” Teodor Obiang’s son, Teodorin, according to a report from the International Business Times.
Obiang was subject to a raid by French law enforcement in 2011 that lasted two weeks. Why did it last two weeks? Because authorities had to search the his 80 million Euro, 101-room mansion on the Champs Elysees. Naturally, the house and everything in it was found to have been purchased using state funds. If this blatant display of wealth doesn’t outrage you, let us point you back to that stat about 20 percent of this country’s citizens dying before age five.
The seizure included a fleet of luxury and sports cars, including models from Bugatti, Bentley, Rolls-Royce, Ferrari, Porsche, Maserati and Maybach. The kicker is, most of the cars had little to no mileage on them. Fine art, vintage wine, and antiques were also seized. Now, French auction house Drouot has sold several of the cars, racking up over $4 million in profits. We can only hope the funds go back to the citizens of Equatorial Guinea, but we aren’t holding our breath.
There’s more at the IBT. Give it a read if you’re interested in making yourself sick.
Supercars seized from African dictator’s son sold for over $4M in Paris auction originally appeared on Autoblog on Tue, 16 Jul 2013 19:00:00 EST. Please see our terms for use of feeds.
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