Swiss close case against son of Equatorial Guinea leader

BERLIN — Swiss prosecutors say they have closed an investigation involving the son of the president of Equatorial Guinea and two other people.

Geneva prosecutors opened the probe on suspicions of money laundering and mismanagement of public assets in 2016. They seized 25 cars in Geneva and a yacht in the Netherlands.

They said Thursday they decided to close the case against Teodoro Obiang and the other two and to release the yacht after Equatorial Guinea agreed to pay Geneva authorities 1.3 million francs ($1.3 million), "notably to cover procedural costs." The prosecutors said the cars would be sold and the proceeds directed to a social program in Equatorial Guinea.

They cited rules that allow prosecutors to close cases in which the person under investigation has done everything expectable to repair any damage from alleged actions.

Must Read

The Latest: Trump calls Clinton 'bigot' who only...

Aug 25, 2016

Donald Trump is declaring that Hillary Clinton 'is a bigot' in his latest outreach to minority...

Apple says several billion dollars set aside for...

Sep 1, 2016

Apple's chief executive says the company has put aside "several billion dollars" to pay tax...

Rio Paralympics saved by last-minute government...

Sep 5, 2016

When the curtain comes up for 4,300 athletes at Wednesday's opening ceremony of the Paralympics,...

Low taxes at dozens of firms in spotlight after...

Sep 6, 2016

After tax ruling against Apple, spotlight turns to dozens of companies that have boosted earnings...

Global stocks drift amid US economy worries

Sep 7, 2016

World stock markets meandered Wednesday after a weak report on U.S. service companies added to...

About Us

The World Insiders brings you exclusive coverage from across the globe in a timely, easy to consume format sourced directly from our regional media partners.

Contact us: sales[at]theworldinsiders.com

Subscribe Now!