*Teodoro Nguema Obiang Mangue will surrender more than $30m in assets
*These include mansion in Malibu, Ferrari and Michael Jackson memorabilia
*But he will able to keep singer’s famous crystal-encrusted ‘Bad Tour’ glove
*This is because item remains outside the U.S., alongside his ‘Thriller’ jacket
*Instead, 42-year-old must pay further $1million to cover value, say officials
*Most of 750,000 people in Equatorial Guinea are currently living in poverty
The Malibu-based playboy son of an African dictator is being forced to surrender more than $30million worth of his assets after allegedly stealing money from his own country.
Teodoro Nguema Obiang Mangue, the son of the Equatorial Guinea president, must sell his mansion in California, his Ferrari and most of his Michael Jackson memorabilia under the settlement.
However, he will be able to keep the singer’s famous crystal-encrusted ‘Bad Tour’ glove, a jacket used during the ‘Thriller’ tour and a $38.5million Gulfstream jet, as they remain outside the U.S.
Playboy: Teodoro Nguema Obiang Mangue (above), the son of Equatorial Guinea president, must sell his Malibu mansion, a Ferrari and his Michael Jackson memorabilia under a settlement with the U.S Government
Prized possession: However, he will be able to keep the singer’s famous crystal-encrusted ‘Bad Tour’ glove (above), a jacket used during the ‘Thriller’ tour and a Gulfstream jet, as they remain outside America
Famous glove: Mangue reportedly paid $482,000 for Michael Jackson’s ‘Bad Tour’ glove – which is white and covered in crystals – in the late 1980s. The late singer (pictured) wore it during his first concert
Instead, the 42-year-old must pay a further $1million to cover the value of the memorabilia elsewhere, Assistant Attorney General Leslie Caldwell, of the Department of Justice (DOJ), said.
In addition to this, if these items ever re-enter America, they will be subject to seizure by the U.S. Government, officials told ABC.
Mangue, the son of President Teodoro Obiang Nguema, reportedly forked out $482,000 for Michael Jackson’s glove – which is white and adorned with crystals – in the late 1980s.
The singer, who died in June 2009, wore it during his first ever concert, ‘Bad Tour’, which was launched in support of his seventh studio album of the same name.
For Mangue, the glove was a prized addition to his $3.2million collection of Jackson memorabilia, which he owned alongside his $30million mansion and $530,000 Ferrari.
The settlement, announced by the DOJ last Friday, will see Mangue turn over around $20million from the sale of his assets to a charitable organization for the benefit of the people of his country.
Mansion: The settlement, announced by the DOJ last Friday, will see Mangue turn over $20million from the sale of his assets (including his mansion – above – in Malibu, California) to a charitable organization
Interior: The son of President Teodoro Obiang Nguema will also have to forfeit another $10.3 million to the U.S. Government, to be used to benefit Equatorial Guinea’s people. Above, the mansion’s interior
Life’s a beach: Despite recent oil and gas wealth in Equatorial Guinea, most of the 750,000 people in the coastal country live in poverty. However, American-educated Mangue lived in a luxurious mansion in Malibu
Contrast: Since the economic boom, U.S. officials said Mangue and others in Equatorial Guinea (pictured) have amassed a vast amount of wealth through extortion, embezzlement and other acts of corruption
He will also have to forfeit another $10.3 million to the U.S. Government, which will be used to benefit Equatorial Guinea’s people to the extent permitted by law.
Thomas Winkowski, acting director of Immigration and Customs Enforcement, said the settlement would be ‘gratifying’ for the many investigators and prosecutors who worked ‘tirelessly’ on the case.
But he added: ‘It is undoubtedly even more rewarding for the people of Equatorial Guinea, knowing that at least some of the money plundered from their country’s coffers is being returned to them.’
Priceless purchase: Mangue (above) reportedly paid $482,000 for Michael Jackson’s ‘Bad Tour’ glove (above)
Defense: Mangue (pictured), who is also Equatorial Guinea’s second vice president, said in a statement that he was pleased to put an end to the proceedings. But he claimed his property was acquired legally
Despite recent oil and gas wealth in Equatorial Guinea, most of the 750,000 people in the coastal country live in poverty.
Since the economic boom, U.S. authorities said Mangue and other officials have amassed a vast amount of wealth through extortion, embezzlement and other acts of corruption.
No-one was immediately available to comment on the settlement at the Equatorial Guinea Embassy.
Life of luxury: In 2011, U.S. authorities filed civil-forfeiture cases alleging Mangue (above) spent $70million in looted profits on the mansion, the jet and Jackson memorabilia. Above, an inspector looks at his Ferrari
Jet: In addition to Jackson’s glove and jacket, Mangue will be able to keep his Gulfstream jet (file picture)
Mangue, who is American-educated and also Equatorial Guinea’s second vice president, said in a statement that he was pleased to put an end to the proceedings.
However, he claimed his property ‘was acquired with funds earned in accordance with the laws of my country and through business dealings inside and outside Equatorial Guinea’.
He added that he hoped the settlement would help improve the relationship between his country and the United States.
Search: Federal agents are pictured opening crates of art objects and collectibles at American-educated Mangue’s mansion in Malibu, California, in October 2011 during the execution of a search warrant
Meeting: President Teodoro Obiang Nguema and his wife are seen with the Obamas in August this year
‘For the good of my country, it was important to resolve this matter and put the relationship back on firm footing,’ he said.
In 2011, U.S. authorities filed civil-forfeiture cases alleging Mangue spent $70million in looted profits on the mansion – which has a nine-hole golf course – the jet and the Jackson memorabilia.
Rapper: In 2010, it was reported that Mangue was dating the rapper and actress Eve, spending close to $700,000 to rent Paul Allen’s yacht to impress her
Authorities said his official government salary was less than $100,000, and he used his position and influence to garner more than $300 million through corruption and money laundering.
In 2010, 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.
A friend of Eve told the tabloid that he had been chasing her for a long time and that she finally gave in to his invitation.
The Grammy award winner was reportedly named in the ongoing investigation into Mangue and foreign corruption.
Eve used her Twitter account to deny the allegations and urged her fans not to believe everything they read.
Mangue still is the subject of lawsuits in France and Spain.
French financial prosecutors in March filed preliminary charges of alleged money-laundering connected to real estate, luxury cars, art and other property in France.
It is part of a larger suit involving properties owned by leaders of Equatorial Guinea, Gabon and Republic of Congo.
In 2009, prosecutors in Spain opened an official investigation into alleged money-laundering by President Nguema and his family into bank transfers and the purchase of luxury properties in Madrid, Gijon and the Canary Islands.
EQUATORIAL GUINEA: A BACKWATER UNTIL U.S. COMPANY DISCOVERED OIL
Equatorial Guinea was a relatively ignored place until American energy company Exxon Mobil discovered oil and gas there in 1994.
U.S. companies continue to dominate the industry there but face growing competition. Most oil from the country, which produces billions of dollars in annual revenue, is exported to America.
Despite its newfound wealth, life for the vast majority of the country’s 750,000 people remains a struggle.
The majority live below the poverty line with tens of thousands having no access to electricity or clean water.
It was listed by U.S. think tank Freedom House as among one of the world’s worst regimes along with North Korea, Burma and Somalia.
President Teodoro Obiang Nguema Mbasogo seized power in 1979 from his uncle, who said he was a sorcerer and collected human skulls.
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.
Equatorial Guinea (pictured) was a relatively ignored place until American energy company Exxon Mobil discovered oil and gas there in 1994. However, life for the vast majority of the country remains a struggle