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Airline: embezzlement at La Ceiba Intercontinental

23/08/2024
Categories: Compliance

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The Malabo court this week examined embezzlement from the national airline Ceiba Intercontinental, attributed to one of the sons of President Obiang of Equatorial Guinea and three former directors, for more than 4 billion CFA francs (more than 6 million euros).

The Equatorial Guinean prosecutor requested an 18-year prison sentence against Ruslan Obiang Nsue, son of President Teodoro Obiang Nguema Mbasogo, for selling a plane belonging to the national airline. He is also seeking a fine of 500 million CFA francs (850,000 dollars

).

The investigation started in November 2022 after a Ceiba Intercontinental ATR 72-500 aircraft, which had been missing since 2018 while in Spain, was reported lost while in Spain, was reported lost. Nsue, the airline's former deputy chief executive, admitted in court that he had used a Spanish company for the sale, but said he had only received 125,000 euros (138,000 dollars) out of the 250,000 euros promised

.

Arrested in January 2023 and under house arrest, the 49-year-old man, also former Secretary of State for Sports, is accused of abuse of power, embezzlement of public property and embezzlement of funds. The trial has been suspended and no date has been set for the judgment.

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