Equatorial Guinea seizes Brazilian contractors’ assets in retaliation for Police investigation

In response to Brazil’s Federal Police launching investigations against the son of the dictator of Equatorial Guinea, the African nation has seized assets of three Brazilian contractors operating within its borders.

The companies impacted by the action are ARG, Zagope, and OAS.

Equatorial Guinea’s Justice system, which operates under dictator Teodoro Obiang Nguema Mbasogo, initiated the seizures following investigations into Teodorin, Mbasogo’s son.

These investigations are part of Operation #LuxuryLiving, a campaign designed to scrutinize potential money laundering involved in the purchase of a luxury apartment in São Paulo.

Teodorin’s lavish São Paulo property was purchased in 2007 for R$15.6 million. Equatorial Guinea’s government contends that the property was intended for diplomatic use.

The apartment on Rua Haddock Lobo is currently under a blocking order.

The Federal Police is also scrutinizing other possessions seized from Teodorin during a 2018 incident at Viracopos Airport in Campinas, where he had concealed these assets from customs.

Among the seized goods were US$1.4 million in cash and 20 luxury watches valued at a total of US$15.4 million.

Teodorin took to social media to share the verdict from a lower court judge in his country, asserting that Brazil is obligated to compensate him for damages and losses incurred.

The regime of Equatorial Guinea has estimated these damages to amount to R$640 (US$130) million.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error