29th September, 2011
Today 11 Supercars that belonged to Teodoro Obiang Nguema Mbasogo, president of Equatorial Guinea, have been seized in Paris by the French National Police. Among the cars seized by the French police were two Bugatti Veyrons, a Maserati MC12, a Porsche Carrera GT, a Ferrari Enzo and a Ferrari 599 GTO. The supercars were seized at Teodoro Obiang Nguema Mbasogoâ€™s Parisian residence at 42 Avenue Foch, just a stones throw away from the Arc de Triomphe., www.Gtspirit.com has reported.
The reason why the 11 cars including two Bugattis, Ferraris and Bentleys with a total value of over 5 million dollars(N800 million) were seized by the French National Police are unclear but it could have something to do with wide spread investigations into the Equatorial Guinean president and in particular the use of state funds to buy private property in France.
Teodoro Obiang Nguema Mbasogo is currently the longest ruling leader in Africa and also Chairman of the African Union. In November 2010, the Supreme Court of France accepted the appointment of an investigating judge and the opening of a judicial inquiry into claims that the President has used state funds to purchase private property in France. Equatorial Guinea is rich in oil but despite its rising revenues from oil, poverty in the country is still widespread and credible allegations of high-level corruption, including by Obiang and his eldest son, are the subject of judiciary investigations around the world. His son is the owner of one of the most expensive houses in Malibu, California at 3620 Sweetwater Road.