Tuesday, January 12, 2016


We continue to analyze the story behind the illegal actions of Spanish prosecutors, in the Canary Islands, to frame Russian businessman Vladimir Kokorev, employing money laundering charges that have no factual basis. The evidence is simply not there, but Spain believes that a conviction of Kokorev will eventually lead to the removal from office of Equatorial Guinea President Teodoro Obiang.

Thanks to Wikileaks, an unclassified white paper on Equatorial Guinea,* written at the US Embassy in Malabo, which presents facts that refute the allegations of corruption in the country, is publicly available, on the Internet. This document details the history of Equatorial Guinea, which dispel and controvert Spain's allegations of massive corruption and money laundering. We recommend that you study it; for those whose time is limited, here are the major points:

(1) In the early days of independence, EG had insufficient funds to pay its government employees their full salaries. They received much of their compensation in kind, lands, the exclusive right to operate certain industries or businesses, and other material benefits, in lieu of cash. That is why government officials, staff members, and employees, have commercial enterprises, in addition to their official positions.

Before oil brought wealth to EG, many government employees worked only three days in their official capacity, and were busy earning a living during the remaining days. Post-oil development, many of these part-time businesses, land holdings, and other assets conferred upon them made them very wealthy. There was no theft of government property or assets.

(2) Therefore, EG has no conflict of interest laws on the books, Claims that ministers or relatives of the president, who themselves work in government, had illegal private industry holdings, is completely untrue. Those "moonlighting" government workers were, and are, not breaking the law.

(3) Lastly, the claims that the president illegally transferred oil profits, through EG accounts at Riggs Bank, to Kokorev, as part of a money laundering conspiracy have no basis in fact. President Obiang ran his country's finances directly, when EG had a tiny economy, requiring his countersignature on checks, to control the limited treasury. and he continued to control funds payments. He did not divert funds for his own family's use, but was paying Vladimir Kokorev for maritime and fishing services that he provided for EG.

As you can, there are major financial and cultural differences between the West, and Equatorial Guinea. In truth and in fact, EG is the largest funds contributor and depositor to the region's central bank, meaning that oil profits are being saved, not diverted to corrupt and greedy PEPs. Spain's carefully contrived money laundering scenario, involving Kokorev and Obiang, has no basis in fact; it  is a fiction presented solely for the ultimate financial gain of powerful Spanish corporations, whio want a large piece of the EG petro-profits for themselves.


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