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The Malibu playboy set to lose $70m fortune… after he spent $3m on Michael Jackson collectables as the people of his African country lived on ONE DOLLAR a day

U.S.

In what appeared to be a concerted action, France final month seized 11 luxury sports automobiles belonging to him and a Spanish investigative judge has been asked to seize properties in Madrid and Las Palmas in the Canary Islands owned by the president, his sons and ministers.

Mangue, who is American-educated, spent $30million on a Malibu mansion, $38.5million on a Gulfstream jet and $3.2million on Michael Jackson memorabilia that included a crystal-covered glove from the Poor tour and a basketball signed by the singer and Michael Jordan.

Wacko for Jacko: Mangue is wanted by the U.S. government is now trying to recover the $70million. government for looting more than $70million from his own country.</p>
<p>President Teodoro Obiang Nguema Mbasogo seized power in 1979 from his uncle, who said he was a sorcerer and collected human skulls. </p>
<p>‘We are sending the message loud and clear: The United States will not be a hiding spot for the ill-gotten riches of the world’s corrupt leaders’</p>
<p>And regardless of already possessing a government salary of $six,800 a month, Mangue is accused of tapping into the nation’s wealth and indulging his lavish tastes. Government for spending his country’s resources on Michael Jackson’s crystal-covered glove and a basketball signed by the singer</p>
<p><img src=Life’s a beach: The Equatorial Guinea minister is mentioned to have spent $30 million of the country’s sources on this comprehensive Malibu mansion

Worlds apart: The majority of citizens of Equatorial Guinea reside on a dollar a day (left) although government minister Mangue spent millions of his nation’s wealth in Malibu

Assistant Attorney Basic Lanny Breuer mentioned: ‘We are sending the message loud and clear: The United States will not be a hiding spot for the ill-gotten riches of the world’s corrupt leaders.’

The 2010 report found that effective foreign officials and their families utilized attorneys, real estate agents and lobbyists to circumvent anti-corruption laws.

Son of Equatorial Guinea’s president splashed out $38.5m on private jetDated rapper Eve and ‘hired super-yacht for $700,000 to impress her’American-educated 39-year-old also spent $30m on Malibu mansionShelled out $39m on Gulfstream jet and 24 vehicles worth just about $10m

ByLouise Boyleand Mark Duell

Updated: 16:50 GMT, 26 October 2011

Expensive taste: Son of Equatorial Guinea's president, Teodoro Nguema Obiang Mangue, wearing a shirt emblazoned with his father's face, has reportedly spent $70million of his country's moneyExpensive taste: Son of Equatorial Guinea’s president, Teodoro Nguema Obiang Mangue, wearing a shirt emblazoned with his father’s face, has reportedly spent $70million of his country’s funds

But now Teodoro Nguema Obiang Mangue is set to shed it all after it was revealed that the son of Equatorial Guinea’s president is being hunted by the U.S.

The President has created a one-party state in a country with Africa’s most notorious prison, Black Beach, which is known for its torture.

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An e mail message left for Purificacion Angue Ondo, Equatorial Guinea’s ambassador to the U.S., was not quickly returned.

In the two civil forfeiture complaints, it is stated that Mangue’s assets can be forfeited mainly because he engaged in misappropriation and theft of public funds for his advantage.

EQUATORIAL GUINEA: A BACKWATER Until U.S.

The U.S.

Amongst them have been demanding organizations pay a ‘tax’ for undertaking business in Equatorial Guinea as properly as delivering Mangue with gifts and totally free services, according to court documents filed in the U.S.

It was listed by U.S. Government for spending his country’s sources on Michael Jackson’s crystal-covered glove and a basketball signed by the singer” class=”blkBorder” />Wacko for Jacko: Mangue is wanted by the U.S.

A buddy of Eve told the New York tabloid that he had been chasing her for a lengthy time and that she lastly gave in to his invitation.

Meet and greet: The Obamas meet president of Equatorial Guinea Teodoro Obiang Nguema Mbasogo and his wife CostanciaMeet and greet: The Obamas meet president of Equatorial Guinea Teodoro Obiang Nguema Mbasogo and his wife Costancia

All about Eve: The playboy is said to have rented a super-yacht from Microsoft billionaire to impress the rapper and actressAll about Eve: The playboy is said to have rented a super-yacht from Microsoft billionaire to impress the rapper and actress

Equatorial Guinea is a country of around 680,000 men and women which has turn into a significant oil, gas and timber producer, resulting in billions of dollars in income. As portion of an international collaboration to retrieve his fortune, the U.S.

Authorities are searching for to recover $70million in stolen funds from Mangue for ‘the benefit of the persons of the nation from which it was taken’.

Mangue, 39, made use of his position as a government minister to siphon millions of dollars for individual use, according to two civil forfeiture complaints filed in Los Angeles and Washington D.C.

Among the other things bought by Mangue, according to federal officials, was a 2011 Ferrari valued at extra than $530,000.

He also stored 24 luxury vehicles worth nearly $10million at the Petersen Automotive Museum in Los Angeles and shipped them to France, which has reportedly considering the fact that seized 11 of them.

Eve utilised her Twitter account to deny the allegations and urged her fans not to believe anything they read.

Assistant Lawyer General Lanny Breuer

Despite its newfound wealth, life for the vast majority of the country’s 680,000 people remains a struggle.

His father, who has led Equatorial Guinea given that 1979, has been accused by Amnesty International of torturing and unjustly imprisoning political opponents. authorities think the son of President Teodoro Obiang Nguema amassed much more than $100million in many schemes when he served as the country’s forestry minister. Enterprise Discovered OIL

Poverty: Malabo neighbourhood in Equatorial Guinea stands in contrast to President Mbasogo's richesPoverty: Malabo neighbourhood in Equatorial Guinea stands in contrast to President Mbasogo’s riches

When Nguema opened an account at a California bank in 2007, he claimed that he acquired money from a loved ones inheritance along with trading expensive, custom-created automobiles.

Final year it was reported that Mangue was dating the rapper and actress Eve, spending close to $700,000 to rent Microsoft billionaire Paul Allen’s 303-foot yacht Tatoosh to impress her, according to the New York Post.

The Grammy award winner was reportedly named in the ongoing investigation into Mangue and foreign corruption.

Equatorial Guinea was a fairly ignored location until American power organization Exxon Mobil discovered oil and gas there in 1994. Most oil from the nation, which produces billions of dollars in annual revenue, is exported to America.

Mangue would give different stories to banks that questioned his massive sums of money, authorities mentioned. believe tank Freedom Property as among 1 of the world’s worst regimes along with North Korea, Burma and Somalia.

The majority live beneath the poverty line with tens of thousands obtaining no access to electrical energy or clean water.

He lives a standard Malibu playboy life-style – residing in a sprawling beach mansion, has dated rapper Eve and even splashed out $3million on Michael Jackson memorabilia. Senate Permanent Subcommittee on Investigations issued reports in 2004 and final year relating to possible corruption by Equatorial Guinea government officials..

Undesirable investment: Mangue (left) spent millions on Michael Jackson memorabilia including the famous crystal-covered glove

Lavish luxuries: He is said to have spent $38.5million on a Gulfstream jet (file picture)Lavish luxuries: He is stated to have spent $38.5million on a Gulfstream jet (file image)

U.S. companies continue to dominate the market there but face expanding competition. Regardless of this truth, the majority of the population live on a dollar a day

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