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29

How to Buy a $116 Million Mansion on $80,000 a Year

By Tony Seruga

Son of Equatorial Guinea’s president convicted in France
Gets 3-year suspended jail term and suspended $34.9m fine

The son of Equatorial Guinea’s president was found guilty by the Paris criminal court of using ill-gotten gains to buy assets in France ranging from a mansion worth more than 100 million euros ($116 million) near the Champs-Elysees in Paris to a fleet of super-cars, including a Bugatti Veyron, a Rolls-Royce Phantom and a Maserati.

While Teodoro Nguema Obiang Mangue, who is his country’s vice president, won’t have to serve any jail time, judges decided to confiscate assets seized during the investigation worth tens of millions of euros. He was given a 3-year suspended jail sentence and a suspended fine of 30 million euros…

How to Buy a $116 Million Mansion on $80,000 a Year

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