Swiss authorities have announced an agreement to return more than €24 million to Equatorial Guinea as part of a settlement linked to a legal case opened in 2016 against Teodorin Nguema Obiang Mangue, the country’s vice president and son of the current president.
The case began in 2016 when Geneva prosecutors launched an investigation against Teodorin Obiang and two others on charges related to money laundering and mismanagement of public funds.
During the investigations, Swiss authorities seized 25 luxury cars of rare models—including Ferrari, Lamborghini, Bentley, Maserati, and McLaren—in a spectacle that sparked widespread controversy over the scale of personal wealth compared to the social conditions in the oil-rich country.
On September 29, Geneva and Malabo signed an agreement to return the confiscated funds to Equatorial Guinea.
However, the move came with conditions: the agreement stipulates that the money must be allocated to a health sector cooperation project aimed at improving medical services and expanding their reach for vulnerable groups across four provinces of the country. The deal also includes a clear governance and monitoring mechanism to ensure the funds are directed toward the stated purposes, avoiding any new suspicions.
The project is expected to strengthen health infrastructure and improve the quality of life for hundreds of thousands of citizens.
This case brings back into focus the issue of so-called “looted assets,” which has implicated several African officials before European courts.
Although the International Court of Justice had previously rejected Equatorial Guinea’s request in this context, the latest agreement reflects a balance between judicial accountability and humanitarian considerations.
The return of the funds is not only a legal settlement but also raises broader questions about the management of public wealth in resource-rich countries and the role of European courts in pursuing cross-border corruption cases.