LOS ANGELES – Federal authorities say the son of Equatorial Guinea's president has agreed to relinquish what they have identified as ill-gotten assets, including a $30 million Malibu mansion and Michael Jackson memorabilia, and turn over the proceeds to his country's people.
The U.S. Department of Justice said Friday that Teodoro Nguema Obiang Mangue agreed that $20 million would go to a charitable organization to be used to benefit the people of Equatorial Guinea and $10.3 million would be forfeited to the U.S. government, which will use the money to benefit the African country's people to the extent permitted by law.
The settlement was filed Friday in federal court in California.
U.S. authorities filed civil forfeiture cases against three years ago, alleging the official spent $70 million in looted profits.
No one was immediately available to comment at the country's embassy in Washington, D.C.
