Equatorial Guinea’s president Teodoro Obiang Nguema Mbasogo and his
government deposited up to $700 million in U.S.’ Riggs Bank. A U.S.
Senate subcommittee’s 2004 investigation criticized Riggs for failing
to report potential money laundering in the Equatorial Guinea accounts.
It also outlined examples of how Riggs allowed Obiang to make cash
deposits and withdrawals from accounts he controlled personally. Riggs,
which was acquired by PNC last year, later agreed to pay a $16 million
fine for failing to report these and other suspicious transactions.
Equatorial Guinea’s embassy insists the money, which was released back
to the country, belongs to the government. "Attributing that money to
President Obiang’s personal wealth is like saying a person who runs a
hospital is worth the amount of revenue the hospital generates," the
embassy spokesperson wrote in an e-mail. A half dozen other sources
disagree. "They may say it is the country’s money, but the president
does control everything," says Arvind Ganesan, a director at Human
Rights Watch who has studied how the Equatorial Guinea government uses
its oil revenue, "Under Obiang, the country's wealth is basically a
presidential ATM." So they say.
Now that this report has been made
public, the President has decided that some deposits made with
particular banks in Europe be diverted so as to retain them, therefore,
I want to inform you that by virtue of my position as a special duties
coordinator to the President of Equatorial Guinea Teodoro Obiang Nguema
Mbasogo, I have the honour of nominating and appointing you as a front.
All we need or require of you is your cooperation, that is you make
available a business name we could incorporate and present to complete
this contract. Making available also three names of the company
directors. All other details will be made known on receipt of your
response.
We assume you will understand the responsibilities, the
confidentiality and of course the trust bestowed on you as a result of
this project. I know this is unexpected but I have come to know that
the best things in life come unexpected. You alone are privy to this
information by virtue of my nominating and appointing you.
Please, do
get back to me as soon as possible for details.
Thank you.
Jonathan
R. Lloyd.
For Special Duties Coordination.