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Misappropriation of funds: Two former ministers of Equatorial Guinea convicted

26/02/2024
Source : ORISHAS FINANCE
Categories: Compliance

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For a question of involvement in the case of embezzlement of public funds of the order of ten billion CFA francs, two former ministers of Equatorial Guinea are serving prison sentences.

Ex-Minister of Economy and Finance Valentin Ela Maye and Rufino Ndong Esono Nchama, former Minister of Culture and Tourism are accused of involvement in a case of embezzlement of public funds. Valentin Ela Maye was sentenced to 2 years in prison for “abuse of functions”. While Rufino Ndong Esono Nchama was sentenced to six months in prison for “bribing a public official”. They will both have to pay a fine of 10 million CFA francs (about 15,290 euros) to the Equatorial Guinean public treasury

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In particular, they are accused of having created “nine fictional companies” that offered maintenance services, maintenance of public buildings and beaches.

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