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 * Oil Benefits and Estates: Equatorial Guinea’s Oil Leader’s Wealth Revealed


OIL BENEFITS AND ESTATES: EQUATORIAL GUINEA’S OIL LEADER’S WEALTH REVEALED

Leave a Comment / Parents and Sons / By lifestylee

A tough couple at the head of Equatorial Guinea’s national oil corporation
secretly oversees a genuine global real estate empire, which hounds have
discovered hide a veil of shell corporations, which even their highest salaries
cannot explain.



But the court and other documents received through OCCRP and Equatorial Guinea’s
online news Diario Rombe have highlighted a very likely source of some of the
couple’s wealth, revealing GEPetrol CEO Antonio Oburu Ondo’s ties to offshore
corporations created to track profits from orchestrated oil deals.

Details of public budget theft are rarely reported in the oil-rich state of West
Africa’s west coast, which is as well known for its corruption as for its
violent crackdown, but some data has emerged from a US$339 million oil
corruption trial that has been a ping-pong between the British and Swiss courts
since 2015.

The lawsuit was filed through oil trader Arcadia Petroleum Limited, opposed to
an organization that includes former high-ranking employees, which claims that
fake intermediary corporations have been inserted into the sales of oil
shipments to subtract profits. These intermediaries obtained oil from GEPetrol.
e made multi-million dollar bills for shell companies connected to Oburu.

Oburu was at GEPetrol’s cargo sales rate in the era of the alleged scam, though
its alleged involvement has not been reported in the past.

Businesses owned or controlled through Oburu earned between $64 million and $73
million in “stolen funds,” making Oburu the “biggest beneficiary of fraud,”
according to a 2018 letter from Arcadia’s attorneys.

A corruption advocate told reporters that Oburu’s reported role is highly
suspicious.

“A senior official on both sides of the oil deal, a myriad of offshore
subsidiaries, with enigmatic names: this case has all the ingredients of a
primary corruption plan,” said Adrià Budry Carbo of the Swiss crusade
organization Public Eye.

Theft allegations against Oburu have been proven in court, but corruption fees
are peaking in Equatorial Guinea’s oil sector. In January, an OCCRP
investigation revealed how the country’s oil minister allegedly extorted
businessmen and embezzled millions of euros of public funds. .

The additional oil money is said to have a higher official salary from Oburu and
that of his wife, Cándida Okomo Nsue Mensa, a former R singer.

There are official data on Oburu’s annual salary because GEPetrol publishes
monetary reports.

However, a user close to the case, who requested anonymity for fear of
reprisals, said Oburu’s monthly salary as GEPetrol’s chief executive is around
£14,000.

This is complemented by a monthly stipend of $3,200, according to a GEPetrol
document notified through OCCRP, which gives Oburu an annual salary of about
$206,000 a year, at $286,644.

It was through her marriage to Okomo that Oburu joined the circle of relatives
of President Teodoro Obiang Nguema Mbasogo, who has ruled Equatorial Guinea
since arriving here to force a military coup in 1979.

Okomo is the niece of first lady Constancia Okomo Mangue Nsue, daughter of
Teodoro Biyogo Nsue Okomo, who is Obiang’s protocol leader and had previously
served as ambassador to the United States. She told OCCRP that her daughter and
Oburu had recently divorced, but did not provide any supporting evidence.

In 2015, Oburu, then married to the First Lady’s niece, was named CEO of
GEPetrol, after more than a decade at the company. In 2017, the couple bought
Cypriot citizenship by spending 2. 5 million euros in the Mediterranean island
nation, adding to their handful of homes spread across towns such as Accra,
Houston and Madrid.

The Oburus spent 2 million euros on a villa in the marina on the Cypriot coast
of the city of Limassol, and another 500,000 euros on an apartment in the same
complex.

The purchases qualified them for a citizenry investment program that was plagued
by scandals until Cyprus canceled the program in 2020. According to its rules,
the government has given Americans questionable simple access to the European
Union through Cypriot passports, which have been granted illegally and with
almost no background checks on the applicants’ source of income. Oburu had also
received Belizean citizenship in the past.

These Cypriot houses have joined an already thriving portfolio of genuine
properties around the fictitious corporations controlled through Oburu.

In Houston, Oburu owned a 3,000-square-foot space through his British Virgin
Islands (BVI) company, Rodexkia Investment Limited. Between 2012 and 2017, a
Texas company of the same name, Rodexkia Holding LLC, owned a giant mansion in
the city. of $4 million.

Corporate documents received through OCCRP show that Oburu is the director of
the parent company of Rodexkia Investment Limited and indexed as the sole
signatory of a draft Rodexkia bank account in Lebanon.

Oburu’s role as a tactile user of Rodexkia was demonstrated through Brad Porter,
director of Rodexkia Holding LLC, spouse of the Porter law firm.

“I call him Tony,” Porter said in a phone interview, adding that he did know the
source of Oburu’s budget or his political relations in Equatorial Guinea.

“He said he worked at an oil and fuel company,” Porter said.

Another executive of Rodexia is Asunción Fernández Mba. Arcadia’s lawyers claim
that she is Oburu’s sister and that she is named as Rodexia’s administrator in
the documents filed with the BVI. The two brothers are related to homes in
Spain.

This includes Rodexkia’s ownership of expanding residential assets in a posh
Madrid, according to a 2009 sales contract. Fernández is also listed as the
owner of a garage and a separate apartment in a prestigious residential area of
Madrid.

Oburu has a minority stake in the Spanish company Impexia Internacional and most
of the shares are located through an opaque Equatoguinean company called United
Impex Holdings International S. L. , owner of a villa and an advertising
construction in Madrid.

Oburu is also connected to apartments in an elegant domain of London, although
it was not imaginable to know if he was the owner.

A few meters from the crosswalk noted through the awning of the Beatles’ Abbey
Road album, there is a front indexed as Oburu’s foreign home on an internal
GEPetrol assignment sign in June 2020 for staff living outdoors in Equatorial
Guinea. he gave his deal to another apartment in the same building at 20 Abbey
Road when it was registered on an online page in 2008.

This London front appears to be on a lease for a luxury residential asset owned
by Oburu in an elegant domain of Ghana’s capital, Accra.

A lease disclosed in 2007 shows that a member of Japan’s diplomatic project in
Ghana agreed to pay Oburu $3,200 based on the month of hiring for the
proconsistent conty. The contract, signed through Oburu in its capacity as
owner, concluded in the presence of Gertrudis Laurel Sami, a British citizen,
whose face takes place at 20 Abbey Road, London.

In addition to being a vehicle for Oburu’s genuine heritage, the British Virgin
Islands company Rodexkia links it to the alleged scam aimed at stealing
Arcadia’s oil profits.

In its lawsuit against former executives, Arcadia named Rodexkia as one of the
corporations that allegedly earned multimillion-dollar bills from intermediary
corporations in connection with GEPetrol’s oil sales.

UK High Court documents filed through Arcadia’s lawyers claim the fraud was
committed between March 2006 and 2012. The defendants, in addition to former
Arcadia executives, are accused of running corporations that were involved in
the oil trade. Arcadia, one in Mauritius and one in Lebanon, the other is a
Mauritian company called Attock.

The plaintiffs allege that the oil shipments were not sold to genuine Arcadia in
London until they passed through one of the intermediaries. The corporate
intermediary would take a percentage of the profits by promoting the oil to
Arcadia at a value higher than it had paid. Superior Court documents claim that
at least $286 million in profits were diverted from Arcadia between April 2007
and February 2012 through this system, subsequently the 3 intermediaries
transferred tens of millions of dollars to 3 other corporations directly or
similar to Oburu and his sister.

Arcadia’s attorneys’ letter to Oburu alleges that Attock and Arcadia Lebanon
made 15 invoices totaling more than $14 million to Rodexkia Investment in the
IVBs between 2009 and 2012.

The lawyers also claim that two other corporations, Sonergy Limited in
Equatorial Guinea and Obexys Limited in the Seychelles, earned invoices totaling
$50 million and were owned or controlled by Oburu or Fernandez Mba.

Journalists can simply corroborate any link between Oburu and Sonergy. Oburu’s
relationship with Obexys is unclear, however, a user of the same call appears in
a domain registration for the company’s website, and the company’s director is
Frida Ndong Lent, who also ran Impexia in Spain. until last year.

The defendants deny wrongdoing, claiming that those secondary invoices were made
to Rodexkia, Obexys and Sonergy under the terms of the service agreements and
that the plaintiffs were fully aware of the agreements at the time.

This is the first time that corruption cases similar to Equatorial Guinea’s oil
have been heard in foreign courts.

In 2005, The Riggs Bank in Washington DC pleaded guilty to laundering cash from
the Obiangs. More recently, the French case of Biens Mal Acquis led in 2020 to
the prosecution of Obiang’s son, Teodorin, and the confiscation of approximately
150 euros. millions of its assets in France, adding luxury sports cars.

“The wall of kleptocratic impunity is beginning to crumble, but much remains to
be done,” said William Bourdon, the lawyer in france’s illicit profits case.

Oburu would possibly be the next Equatorial Guinean official to be targeted in
such court cases. He is not a defendant in Arcadia’s trial, but the company’s
lawyers are keeping open the option of filing a complaint against him.

When the hounds contacted Oburu for comment via email, Signal and Whatsapp, he
did not respond; when he called his cell phone, he hung up without delay;
Arcadia’s lawyers also did not respond to requests for comment.

Lise Olsen in Houston, Antonio Baquero (OCCRP) in Barcelona and Manuel Rico
(InfoLibre) in Madrid contributed to the report.

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