The Malibu playboy set to lose $70m fortune… after he spent $3m on Michael Jackson collectables as the people of his African country lived on ONE DOLLAR a day

Bad investment: Mangue (left) spent millions on Michael Jackson memorabilia including the famous crystal-covered glove

Lavish luxuries: He is said to have spent $38.5million on a Gulfstream jet (file picture)Lavish luxuries: He is said to have spent $38.5million on a Gulfstream jet (file picture)

Mangue, 39, used his position as a government minister to siphon millions of dollars for personal use, according to two civil forfeiture complaints filed in Los Angeles and Washington D.C.

Mangue, who is American-educated, spent $30million on a Malibu mansion, $38.5million on a Gulfstream jet and $3.2million on Michael Jackson memorabilia that included a crystal-covered glove from the Bad tour and a basketball signed by the singer and Michael Jordan.

Wacko for Jacko: Mangue is wanted by the U.S. government is now trying to recover the $70million. Most oil from the country, which produces billions of dollars in annual revenue, is exported to America.

Son of Equatorial Guinea’s president splashed out $38.5m on private jetDated rapper Eve and ‘hired super-yacht for $700,000 to impress her’American-educated 39-year-old also spent $30m on Malibu mansionShelled out $39m on Gulfstream jet and 24 cars worth almost $10m

ByLouise Boyleand Mark Duell

Updated:  11:50 EST, 26 October 2011

<img src=Expensive taste: Son of Equatorial Guinea’s president, Teodoro Nguema Obiang Mangue, wearing a shirt emblazoned with his father’s face, has reportedly spent $70million of his country’s money

Last year it was reported that Mangue was dating the rapper and actress Eve, spending close to $700,000 to rent Microsoft billionaire Paul Allen’s 303-foot yacht Tatoosh to impress her, according to the New York Post.

It was listed by U.S. Despite this fact, the majority of the population live on a dollar a day.

Eve used her Twitter account to deny the allegations and urged her fans not to believe everything they read.

Despite its newfound wealth, life for the vast majority of the country’s 680,000 people remains a struggle.

Assistant Attorney General Lanny Breuer said: ‘We are sending the message loud and clear: The United States will not be a hiding place for the ill-gotten riches of the world’s corrupt leaders.’

A friend of Eve told the New York tabloid that he had been chasing her for a long time and that she finally gave in to his invitation.

Meet and greet: The Obamas meet president of Equatorial Guinea Teodoro Obiang Nguema Mbasogo and his wife CostanciaMeet and greet: The Obamas meet president of Equatorial Guinea Teodoro Obiang Nguema Mbasogo and his wife Costancia

All about Eve: The playboy is said to have rented a super-yacht from Microsoft billionaire to impress the rapper and actressAll about Eve: The playboy is said to have rented a super-yacht from Microsoft billionaire to impress the rapper and actress

‘We are sending the message loud and clear: The United States will not be a hiding place for the ill-gotten riches of the world’s corrupt leaders’

But now Teodoro Nguema Obiang Mangue is set to lose it all after it was revealed that the son of Equatorial Guinea’s president is being hunted by the U.S. companies continue to dominate the industry there but face growing competition.

U.S. Senate Permanent Subcommittee on Investigations issued reports in 2004 and last year regarding possible corruption by Equatorial Guinea government officials.

President Teodoro Obiang Nguema Mbasogo seized power in 1979 from his uncle, who said he was a sorcerer and collected human skulls. Government for spending his country’s resources on Michael Jackson’s crystal-covered glove and a basketball signed by the singer

Life's a beach: The Equatorial Guinea minister is said to have spent $30 million of the country's resources on this extensive Malibu mansionLife’s a beach: The Equatorial Guinea minister is said to have spent $30 million of the country’s resources on this extensive Malibu mansion

Worlds apart: The majority of citizens of Equatorial Guinea live on a dollar a day (left) while government minister Mangue spent millions of his nation’s wealth in Malibu

He lives a typical Malibu playboy lifestyle – residing in a sprawling beach mansion, has dated rapper Eve and even splashed out $3million on Michael Jackson memorabilia. government for looting more than $70million from his own country.

Among the other items purchased by Mangue, according to federal officials, was a 2011 Ferrari valued at more than $530,000.

The majority live below the poverty line with tens of thousands having no access to electricity or clean water.

An email message left for Purificacion Angue Ondo, Equatorial Guinea’s ambassador to the U.S., was not immediately returned.

As part of an international collaboration to retrieve his fortune, the U.S.

. Government for spending his country’s resources on Michael Jackson’s crystal-covered glove and a basketball signed by the singer” class=”blkBorder” />Wacko for Jacko: Mangue is wanted by the U.S.

The 2010 report found that powerful foreign officials and their families used attorneys, real estate agents and lobbyists to circumvent anti-corruption laws.

His father, who has led Equatorial Guinea since 1979, has been accused by Amnesty International of torturing and unjustly imprisoning political opponents.

Equatorial Guinea was a relatively ignored place until American energy company Exxon Mobil discovered oil and gas there in 1994.

And despite already having a government salary of $6,800 a month, Mangue is accused of tapping into the nation’s wealth and indulging his lavish tastes.

The U.S.

Equatorial Guinea is a country of around 680,000 people which has become a major oil, gas and timber producer, resulting in billions of dollars in revenue. think tank Freedom House as among one of the world’s worst regimes along with North Korea, Burma and Somalia.

Authorities are seeking to recover $70million in stolen funds from Mangue for ‘the benefit of the people of the country from which it was taken’.

The President has created a one-party state in a country with Africa’s most notorious prison, Black Beach, which is known for its torture.

Assistant Attorney General Lanny Breuer

In the two civil forfeiture complaints, it is stated that Mangue’s assets can be forfeited because he engaged in misappropriation and theft of public funds for his benefit.

EQUATORIAL GUINEA: A BACKWATER UNTIL U.S. COMPANY DISCOVERED OIL

Poverty: Malabo neighbourhood in Equatorial Guinea stands in contrast to President Mbasogo's richesPoverty: Malabo neighbourhood in Equatorial Guinea stands in contrast to President Mbasogo’s riches

When Nguema opened an account at a California bank in 2007, he claimed that he acquired money from a family inheritance along with trading expensive, custom-made cars.

He also stored 24 luxury cars worth nearly $10million at the Petersen Automotive Museum in Los Angeles and shipped them to France, which has reportedly since seized 11 of them.

In what appeared to be a concerted action, France last month seized 11 luxury sports cars belonging to him and a Spanish investigative judge has been asked to seize properties in Madrid and Las Palmas in the Canary Islands owned by the president, his sons and ministers.

Mangue would give various stories to banks that questioned his large sums of cash, authorities said. The Grammy award winner was reportedly named in the ongoing investigation into Mangue and foreign corruption.

Among them were demanding companies pay a ‘tax’ for doing business in Equatorial Guinea as well as providing Mangue with gifts and free services, according to court documents filed in the U.S.

U.S. authorities believe the son of President Teodoro Obiang Nguema amassed more than $100million in various schemes while he served as the country’s forestry minister

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