Teodorin Obiang, the 41-year-old son of Equatorial Guinea’s dictator, who has in the past done business in Clifton with local real estate agent, Denise Dogon, has commissioned the building of a luxury superyacht for himself worth $380 million – three times more than his country spends annually on health and education. The suspicion is that he has no intention of paying for it with his own money but rather with stolen funds that really belong to the poor residents of Equatorial Guinea. Click link for more..

Teodorin Obiang is the agriculture minister in his father’s government but spends much of his time in California, with a $35 million mansion in Malibu, a fleet of luxury cars and a private jet. His government salary is $6,799 a month — making him certainly comfortable by U.S. standards but extremely wealthy compared with others in his home country. But even on that salary, it would still take him 4,600 years to pay for the luxury yacht he’s ordered.

As in many African countries, corruption is rampant, and a top government job often means free rein to dip into government coffers.

The $380 million yacht, which has yet to be built, would be the world’s second most expensive boat, behind one that belongs to Russian oligarch Roman Abramovich (photographed above). It’s supposed to be 387 feet long, housing a movie theater, restaurant, bar, swimming pool and a $1.3 million security system with floor motion sensors and fingerprint door openers, the anti-corruption group Global Witness said today. Obiang was previously building another boat equipped with a shark tank on board, it said.

Read more HERE, from AOLnews