Equatorial Guinea
Further speculations on Equatoguinean president son's businesses

afrol News, 6 December - The favourite object of public speculations in Equatorial Guinea, President Teodoro Obiang's first-born son "Teodorín", allegedly is running his US entertainment business poorly and "may face bankruptcy within short."

According to anonymous sources contacting 'La Diáspora', the main press organ of the exiled Equatoguinean opposition, the record company of Teodorín Nguema Obiang alias "Teodorín" is in serious trouble. TNO Entertainment, a Beverly Hills registered company established by "Teodorín" was spending more money than it earned, sources claim.

According to a release by 'La Diáspora', "Teodorín" had already invested US$ 3 million in his record company TNO Entertainment, "money belonging to the Equatoguinean people". 

The sources quoted by 'La Diáspora' claim that this investment is endangered by the leadership of the President's son, who allegedly demands to run his hobby company by his own mind from his ministerial offices in Equatorial Guinea, "refusing to contract people competent of running the business." 

Referring to "Teodorín's" playboy reputation, the sources describe the Beverly Hills company as part of the strongman's party scene, dominated by his soaks. The oppositional sources pay little trust in "Teodorín's" actual competence in running a business or in fact, in music.

- The first artist on his agenda is a Haďtian rapper of low calibre, 'La Diáspora's' sources put it. They claim the released rap CD is selling poorly, although the costs of hiring the artist had amounted to US$ 1 million and the costs of producing the CD had amounted to another US$ 1 million.

"Teodorín" has been a favourite object of speculations among Equatoguineans for several years, after it was known that his father's health was failing. "Teodorín" - holding the post of Minister of Fisheries, Woods and Environment - is seen as the probable successor of President Obiang.

"Teodorín" himself is a person that has tried to avoid publicity. From his political carrier, few details are known, according to the usually trustworthy Spanish Association for Democratic Solidarity with Equatorial Guinea (ASODEGUE). 

It is however known that he has been sentenced twice for drug trafficking in France in the 1990s. "He alters between short periods in Guinea (where he continuously is campaigning for the succession of his father) and long stays abroad, where he spends the great revenue he has from his businesses (mainly wood and telecommunications)," ASODEGUE claims. 

The entertainment business of "Teodorín" in Beverly Hills being a confirmed fact, speculations over a possible bankruptcy however remain only speculations. Also the numbers presented are not confirmed by other sources. Earlier reports "Teodorín" had been arrested in New York in connection with a drugs affair showed out to be false. 

Sources: Based on La Diáspora, ASODEGUE  and afrol archives 

© afrol.com. Texts and graphics may be reproduced freely, under the condition that their origin is clearly referred to, see Conditions.    You can contact us at mail@afrol.com