Democratic Alliances of Portuguese Company Zagope in Equatorial Guinea with Obiang Clique Unveiled
When construction company Zagope ventured into Equatorial Guinea in April 2016, promising contracts lay ahead in this African nation flush with petrodollars since the '70s. With a startup capital of around €15,240, Zagope, a branch of the Andrade Gutierrez Group, eyed expansion in Africa. However, it's crucial to tread cautiously in the business landscape. Though foreign companies in the non-oil sector don't legally require a local partner, unwritten rules necessitate subcontracting with local firms.
The joint investigation by ICIJ, Le Monde, Expresso, Diario Rombe, and Piauí uncovers the questionable ties Zagope forged with firms helmed by Teodoro Nguema Obiang Mangue, Equatorial Guinea's vice-president and the son of the ruler, Teodoro Obiang Nguema Mbasogo, who's held power for a staggering 45 years.
While the search results offer little solid evidence of Zagope's business dealings with Teodoro Nguema Obiang Mangue, they shed light on the broader picture. For instance, Zagope has been an active player in Equatorial Guinea since the '80s, with several renowned projects still underway in 2020.
A pattern emerges as foreign companies often favor the Obiang family with their business arrangements in Equatorial Guinea. It's not unusual for American oil companies to team up with enterprises owned by high-ranking officials, including the President's family members. Still, specific details regarding any ties between Zagope and Teodoro Nguema Obiang Mangue remain elusive in the search results.
Teodoro Nguema Obiang Mangue, famously known as Teodorin, has been embroiled in several controversies linked to corruption and wealth management. Despite the lack of direct evidence connecting Zagope and Teodorin, it's interesting to explore how foreign companies navigate the complex web of business interactions in Equatorial Guinea.
The construction company Zagope, a subsidiary of the Andrade Gutierrez Group, consulted about the business landscape in Equatorial Guinea, a potential market since the '70s. Despite not being legally necessary, subcontracting with local firms seems to be an unwritten rule in the Equatorial Guinean non-oil sector.
A joint investigation by ICIJ, Le Monde, Expresso, Diario Rombe, and Piauí reveals questionable ties between Zagope and companies associated with Teodoro Nguema Obiang Mangue, Equatorial Guinea's vice-president and son of the ruler.
Foreign companies, such as Zagope, have been active in Equatorial Guinea since the '80s, with continued projects involving several renowned enterprises in 2020.
While solid evidence of Zagope's business dealings with Teodoro Nguema Obiang Mangue is scarce in search results, the broader picture suggests a pattern of foreign companies favoring business arrangements with the Obiang family in Equatorial Guinea's complex political landscape.
