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African dictator's son orders luxury superyacht ($380 million yacht)
Yahoo | AP ^ | 2/27/11 | MICHELLE FAUL

Posted on 02/28/2011 10:48:42 AM PST by LibWhacker

JOHANNESBURG – The son of Equatorial Guinea's dictator of 30 years commissioned plans to build a superyacht costing $380 million, nearly three times what the country spends on health and education each year, a corruption watchdog said Monday.

The statement from Global Witness said that German company Kusch Yachts has been asked to build the yacht, housing a cinema, restaurant, bar and swimming pool, though construction has not yet started.

Global Witness has been urging Washington to institute sanctions against Teodorin Obiang, whose extravagant lifestyle currently includes a $35 million-dollar mansion in Malibu, California, a $33 million jet and a fleet of luxury cars, while earning a salary of $6,799 a month as agriculture minister.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Crime/Corruption; News/Current Events
KEYWORDS: africa; dictator; equatorial; equatorialguinea; guinea; yacht
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1 posted on 02/28/2011 10:48:50 AM PST by LibWhacker
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To: LibWhacker

Apparently, this guy is quite the saver!

Wow. What some folks can do on a government salary!


2 posted on 02/28/2011 10:50:59 AM PST by RexBeach (There is no such thing as a good tax.- Winston Churchill)
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To: LibWhacker
African dictator's son orders luxury superyacht ($380 million yacht)

I would suspect all of it is stolen foreign aid money.

3 posted on 02/28/2011 10:51:29 AM PST by Mark17 (California, where English is a foreign language)
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To: LibWhacker

I hear the weather off the coast of Somalia is lovely this time of year.


4 posted on 02/28/2011 10:51:45 AM PST by ClearCase_guy
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To: LibWhacker

It’s just a little self-treat after all that hard-work of brutalizing those ungrateful plebs.


5 posted on 02/28/2011 10:52:57 AM PST by Soothesayer (smallpox is not a person)
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To: RexBeach
Apparently, this guy is quite the saver!

He must've inherited that wealth: his uncle was also a government employee earning $2,000 per month.

Just shows you where all the donations from Western counties actually go, and why Africa is in worse shape than when it gained independence one half of a century ago.

6 posted on 02/28/2011 10:55:17 AM PST by TopQuark
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To: LibWhacker
No different than a Lexus in a section 8 housing project, same mentality.
7 posted on 02/28/2011 10:55:32 AM PST by Cheetahcat ( November 4 2008 ,A date which will live in Infamy.)
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To: Mark17

How much do we remit to Equatorial Guinea ?


8 posted on 02/28/2011 10:56:29 AM PST by Eric in the Ozarks (Go Hawks !)
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To: LibWhacker

Public employee union member?


9 posted on 02/28/2011 10:56:51 AM PST by SonOfDarkSkies ('And what rough beast, its hour come round at last, slouches towards Bethlehem to be born?' Yeats)
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To: Cheetahcat

“No different than a Lexus in a section 8 housing project, same mentality.”

Except that the Lexus is much more likely to get repossessed.

Colonel, USAFR


10 posted on 02/28/2011 10:58:32 AM PST by jagusafr ("We hold these truths to be self-evident...")
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To: LibWhacker

Well duh!! He needs this to outrun the pirates.


11 posted on 02/28/2011 10:59:01 AM PST by w1andsodidwe (How can you tell when the President is lying? When his lips move, of course.)
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To: LibWhacker

Let him sail it towards Somalia.


12 posted on 02/28/2011 11:03:56 AM PST by DonkeyBonker
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To: Mark17
I would suspect all of it is stolen foreign aid money.

Not really.

EG has a tiny (650,000) population living in an area the size of Vermont, and does not receive much in foreign aid.

The country has massive offshore oil resources, which the ruling family and their cronies use as a personal slush fund.

I would guess that the vast bulk of that money comes from concession payments from foreign oil companies.

13 posted on 02/28/2011 11:05:08 AM PST by wideawake
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To: LibWhacker
"The statement from Global Witness said that German company Kusch Yachts has been asked to build the yacht"

Note to Kusch Yachts: Get a large upfront payment...
14 posted on 02/28/2011 11:05:26 AM PST by Old Teufel Hunden
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To: LibWhacker

Gee...my dad gave me $50 for my 21st birthday (1966) and I thought I was rich.


15 posted on 02/28/2011 11:06:56 AM PST by FrankR (The Evil Are Powerless If The Good Are Unafraid! - R. Reagan)
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To: jagusafr

“Except that the Lexus is much more likely to get repossessed.

Colonel, USAFR”

LMAO


16 posted on 02/28/2011 11:07:43 AM PST by Cheetahcat ( November 4 2008 ,A date which will live in Infamy.)
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To: LibWhacker
Why not.. if the folks are happy eating bugs and scrounging out a living hoeing yams..
A new Yacht might make him happy..

Before he came to power Yams were probably pretty expensive..
they might make good democrats..

17 posted on 02/28/2011 11:10:05 AM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole....)
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To: LibWhacker
Craploads of cash needs to evacuate the continent.

A yacht that costs as much as a small city is an expedient method to accommodate such a goal. Build me a boat that can move anywhere at any time, make sure it can also hold a hundred tons of bullion... make it fast...

It is indeed a shame that even the descendants of third world savages no longer trust dumping the cash into the politically connected US banking operations or historically metastasized Swiss EU operations today.

Then again, they just look at our president and know where things will end up for them, here.... And being a nonwhite trusting the Swiss banking system with billions looted.? Sure.

18 posted on 02/28/2011 11:12:33 AM PST by mmercier
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To: Cheetahcat

They say CA is no longer funding Section 8 housing.

Looks like now’s a good time to pick up a used Lexus.


19 posted on 02/28/2011 11:12:47 AM PST by Cvengr (Adversity in life and death is inevitable. Thru faith in Christ, stress is optional.)
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To: Cvengr

“They say CA is no longer funding Section 8 housing.

Looks like now’s a good time to pick up a used Lexus.”

Or go into the repo business.


20 posted on 02/28/2011 11:15:57 AM PST by Cheetahcat ( November 4 2008 ,A date which will live in Infamy.)
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To: wideawake

He could call himself an emir, and no one would question it.


21 posted on 02/28/2011 11:16:05 AM PST by marron
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To: RexBeach

Wow. What some folks can do on a government salary!””

Hellofa UNION that guy has working for him!!!


22 posted on 02/28/2011 11:26:17 AM PST by ridesthemiles
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To: LibWhacker

Booomlakalaka!


23 posted on 02/28/2011 11:26:19 AM PST by sheik yerbouty ( Make America and the world a jihad free zone!)
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To: LibWhacker

Are you trying to launch an attacks on the million dollar bonus system. Boy you have some nerve. LOL


24 posted on 02/28/2011 11:29:25 AM PST by org.whodat
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To: DonkeyBonker
As fast as the elite are making preparations to evacuate their hell hole creations, their formerly loyal legions are staging operations to take that which is presented at any opportune.

There was a time when it was believed by these nitwits that only the west was subject to such force.

They eat their own, and will be discouraged when the spit slides up their a$$ and out their mouth.

25 posted on 02/28/2011 11:30:42 AM PST by mmercier
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To: LibWhacker

If Hollywood were to make this into a movie the Prince would be benevolent caring and bestowing only goodness on his subjects. Hell he might even come to America, take a job at McDonald’s, and find a nice common women to settle down with. I would suggest they get Eddie Murphy to play the prince this would be sure fire hit.


26 posted on 02/28/2011 11:33:09 AM PST by soupbone1
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To: RexBeach
Apparently, this guy is quite the saver!

Apparently, his father is quite the saver. He is quite the spender.

27 posted on 02/28/2011 11:33:17 AM PST by SeeSac
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To: mmercier
It is indeed a shame that even the descendants of third world savages no longer trust dumping the cash into the politically connected US banking operations

Daddy was keeping his cash in Riggs Bank in DC until recently. I think their connection to him was part of their downfall.

28 posted on 02/28/2011 11:34:32 AM PST by antiRepublicrat
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To: SeeSac

Yep. He’s a world class spender, and that’s for certain!

Kah-ching!

I wonder what the annual upkeep is for a 380-million-dollar yacht?


29 posted on 02/28/2011 11:36:10 AM PST by RexBeach (There is no such thing as a good tax.- Winston Churchill)
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To: SeeSac

Yep. He’s a world class spender, and that’s for certain!

Kah-ching!

I wonder what the annual upkeep is for a 380-million-dollar yacht?


30 posted on 02/28/2011 11:36:19 AM PST by RexBeach (There is no such thing as a good tax.- Winston Churchill)
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To: SeeSac

Yep. He’s a world class spender, and that’s for certain!

Kah-ching!

I wonder what the annual upkeep is for a 380-million-dollar yacht?


31 posted on 02/28/2011 11:36:31 AM PST by RexBeach (There is no such thing as a good tax.- Winston Churchill)
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To: RexBeach

Oops. Sorry for the triple post!


32 posted on 02/28/2011 11:37:29 AM PST by RexBeach (There is no such thing as a good tax.- Winston Churchill)
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To: LibWhacker

33 posted on 02/28/2011 11:43:38 AM PST by houeto (Government derives its just powers from the consent of the governed.)
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To: RexBeach

If you have to ask....


34 posted on 02/28/2011 11:44:17 AM PST by Ax
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To: Mark17
African dictator's son orders luxury superyacht ($380 million yacht)

I would suspect all of it is stolen foreign aid money.

NO - some also came from rock concerts held by U2 and the like.

35 posted on 02/28/2011 11:51:38 AM PST by PGR88 (Quid Hoc Ad Aeternitatem?)
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To: Mark17

Yep. The FOGGY BOTTOM FOLLIES continue.


36 posted on 02/28/2011 11:56:47 AM PST by Dick Bachert
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To: antiRepublicrat
Daddy probably looked at the ones administration and thought he was looking in the mirror.

I have limited knowledge of this particular situation, but extensive historical knowledge regarding human interaction and likely outcome.

People think that conservative white guys were the ones most scared by the ones election... WRONG. It was the black African dictators who used to cut deals with the white nitwits somewhere else. They can not deal with with a similar brigand in possession of power. No racial constraint remaining to their lost advantage, they are screwed blue, and know it well.

No where to run now. Look at what is going down globally. These people may not be quite civilized, but they do know how to survive.

The only thing that as yet I have found to admire about the one is his level of restraint. Being a traditional liberal, I see no need to dump more gasoline on a pyre that will consume what it shall, regardless.

37 posted on 02/28/2011 12:00:36 PM PST by mmercier (The wires, they cut through the sky)
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To: All

Equatorial Guinea's President and friends

Equatorial Guinea's President's Son's $35m Malibu mansion

For a man paid less than £3,000 a month, the 16 acres of mansion, designer golf course and sprawling gardens speckled with fountains in Malibu was quite a buy. The views of the ocean alone - never mind the 15,000 sq ft mansion with eight bathrooms, a pool and tennis courts - probably accounted for a good chunk of the $35m (£18m) asking price.

But then Teodoro Nguema Obiang's modest salary as a minister in his father's government in Equatorial Guinea is largely symbolic, just like the elections in which his father is returned to power with 97% of the vote and the distribution of oil revenues in a country with one of the highest per capita incomes on Earth but some of the poorest people.

For a man paid less than £3,000 a month, the 16 acres of mansion, designer golf course and sprawling gardens speckled with fountains in Malibu was quite a buy. The views of the ocean alone - never mind the 15,000 sq ft mansion with eight bathrooms, a pool and tennis courts - probably accounted for a good chunk of the $35m (£18m) asking price.

But then Teodoro Nguema Obiang's modest salary as a minister in his father's government in Equatorial Guinea is largely symbolic, just like the elections in which his father is returned to power with 97% of the vote and the distribution of oil revenues in a country with one of the highest per capita incomes on Earth but some of the poorest people.

Little Teodoro, as President Teodoro Obiang Nguema's son is known at home, appears to spend as little time as possible fulfilling his duties as the minister of agriculture and forestry in the west African state. Instead he flits between South Africa, France and the US, pursuing business ventures such as a failed rap label while acquiring property and a fleet of Ferraris, Lamborghinis and Bentleys - all made possible by the discovery of oil in Equatorial Guinea's waters a decade ago.

At the time, there was a promise that the country would become the "Kuwait of Africa", but it has increasingly come to look like Nigeria as a few kleptocrats get rich while the masses eke out a living.

Mr Obiang probably thought his acquisition of the Malibu house through a front company of which he is the owner would slip by largely unnoticed, particularly after there was so little comment about earlier purchases of two houses in Cape Town and a $2m penthouse flat in California. But the British anti-corruption group Global Witness spotted the sale and is publicising it as evidence that the Obiang family has followed in a long tradition of African rulers who plunder their country's wealth while their people live in poverty.

Seen from the Pacific Coast Highway, Mr Obiang's house doesn't look like much, at least not in the context of the exclusive millionaires' mansions looking out from the cliffs over the Pacific Ocean. "Oh, that's a lovely house," explained Malibu Carl yesterday, watching the surfers next to Malibu pier. "That's a hell of a piece of property right there. It's huge."

The house is hidden from prying eyes by a sheer bluff and guardhouse. But while $35m may buy a lot of house, it cannot guarantee you privacy. A stroll along Malibu pier reveals arched windows, plain, cream plaster walls and a tiled roof. Royal palm trees line the drive, and the bright red of bougainvillea stands out against the sandy hillside.

Described as a "playboy", Mr Obiang may be quite interested in meeting his neighbours. Whether they would return the interest seems unlikely. Mel Gibson lives on Serra Road, as does Britney Spears. Olivia Newton John is up there too, and so are Larry Hagman and Titanic director James Cameron. Across the road is the equally exclusive Malibu Colony, the gated community that housed most of Hollywood during the 1970s and 1980s.

"That's one of the premier estates in Malibu," says a local estate agent. He notes that Cher's house in Malibu recently went on the market at $29m. The property belonged to a Canadian developer named Bill Connor. Rumour has it that he sold two years ago for $28m to a Disney executive (some say it was someone from Fox) before its current owner paid $35m at the beginning of this year. "Most of these sales happen very quietly," says the estate agent. "The properties don't usually hit the market."

President Obiang, who has ruled since seizing power in 1979, has decreed that the management of his country's $3bn a year in oil revenues is a state secret. That is why it is difficult to say for sure exactly how he comes to have about $700m in US bank accounts. But the president's son gave an insight into his salary in an affidavit filed with the Cape high court in South Africa in August, as part of a lawsuit against him over a commercial debt.

"Cabinet ministers and public servants in Equatorial Guinea are by law allowed to own companies that, in consortium with a foreign company, can bid for government contracts ... A cabinet minister ends up with a sizeable part of the contract price in his bank account," he testified.

Global Witness wants the US government to invoke a proclamation by President Bush nearly three years ago that bars corrupt foreign officials from entering the US and allows their assets to be seized.

But Washington is unlikely to move against Mr Obiang when it was so welcoming of his father only last April. The US secretary of state, Condoleezza Rice, called President Obiang a "good friend" even though her own department's annual human rights report said officials in Equatorial Guinea use torture.

Little Teodoro Nguema Obiang and friend.

SOURCE africangreed.com

38 posted on 02/28/2011 12:08:15 PM PST by Liz (A taxpayer voting for Obama is like a chicken voting for Col Sanders.)
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To: Liz

But you see, he came to America and married into a hamburger fortune


39 posted on 02/28/2011 12:19:56 PM PST by bert (K.E. N.P. N.C. D.E. +12 ....( History is a process, not an event ))
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To: RexBeach
Wow. What some folks can do on a government salary!

It's what every union goon aspires to...

40 posted on 02/28/2011 12:23:26 PM PST by GOPJ (http://hisz.rsoe.hu/alertmap/index2.php - It's only uncivil when someone on the right does it.- Laz)
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To: LibWhacker

With all the unrest around the globe, he’s got to have some way to escape. May as well go in style!


41 posted on 02/28/2011 12:25:36 PM PST by SouthTexas (Tea time!)
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To: LibWhacker

I think I first heard about this guy years ago in a joke titled “Shortest books ever printed”...


42 posted on 02/28/2011 12:26:30 PM PST by Charles Martel (Endeavor to persevere...)
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To: LibWhacker
"With a schedule as hectic as President Obama's it must be hard to stick to a training regimen without help -- but why does he insist on having his old trainer fly out from Chicago to D.C. regularly when Obama and his wife exhort the rest of us to drive less? And in a recession? According to Ashley Parker at the New York Times, Obama's fitness czar Cornell McClellan comes out to D.C. every week:"

Could it be?-Nah!

43 posted on 02/28/2011 12:27:51 PM PST by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: RexBeach
I wonder what the annual upkeep is for a 380-million-dollar yacht?

Yacht upkeep is normally quoted as 10% of purchase price. That's what's keeping me out of that market.

44 posted on 02/28/2011 12:28:21 PM PST by John O (God Save America (Please))
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To: LibWhacker

owns seven Ferraris, five Bentleys, four Rolls-Royces, two Lamborghinis, two Mercedes-Benzes, two Porsches, two Maybachs, and an Aston Martin, which he somehow affords on his $5,000 a month official salary. He has since tired of those jalopies and now favors a blue Bugatti Veyron.

Bugatti Veyron motor car. There are 35 of them in existence. They cost one million euros each. Three of them are owned by a guy called Teodoro Obiang, the Minister of Forests of Equatorial Guinea.”

http://pajamasmedia.com/richardfernandez/2011/02/22/style/


45 posted on 02/28/2011 12:29:01 PM PST by DUMBGRUNT (The best is the enemy of the good!)
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To: LibWhacker

Maybe guys like him are the reason all the relatives of rich Africans keep writing to me to ask me to hold some money for them, for safekeeping. Of course, I’d like to help them, but....


46 posted on 02/28/2011 12:43:58 PM PST by married21 (As for me and my house, we will serve the Lord.)
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To: akk

Equatorial Guinea citizen's house

Equatorial Guinea's President's Son's $35m Malibu mansion

47 posted on 02/28/2011 12:46:19 PM PST by Liz (A taxpayer voting for Obama is like a chicken voting for Col Sanders.)
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To: FrankR
Gee...my dad gave me $50 for my 21st birthday (1966) and I thought I was rich.

My 21st. b/day was also in 1966, all I got was, "only one more year left to serve in the military".

48 posted on 02/28/2011 1:42:57 PM PST by Graybeard58 (Of course Obama loves his country. The thing is, Sarah loves mine.)
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To: RexBeach

Does that include the helicopter?


49 posted on 02/28/2011 1:52:37 PM PST by bjorn14 (Woe to those who call good evil and evil good. Isaiah 5:20)
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To: Graybeard58

I had already been in over two years by that time...with two left to go.


50 posted on 02/28/2011 2:00:27 PM PST by FrankR (The Evil Are Powerless If The Good Are Unafraid! - R. Reagan)
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