Foreign Official Gives up Malibu Home in Federal ‘Kleptocracy’ Probe

By Timothy M. Phelps,

The west African nation of Equatorial Guinea ranks among the world’s most impoverished places, but oil and gas deposits over the last two decades have led to extensive wealth, corruption and, in at least one case that became public Friday, the high life in Malibu.

In a settlement filed in U.S. district court in Los Angeles, Equatorial Guinea Second Vice President Teodoro Nguema Obiang agreed to give up a $30-million house with a view of the ocean, a collection of Michael Jackson memorabilia and other property, including a Ferrari, to settle corruption claims by federal prosecutors.

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