Africa Monitor

Africa Monitor Intelligence

Equatorial Guinea: “Teodorin” Extends Influence with Changes in Economic Agency

Enjoying high autonomy, GE Proyetos has acted with a lack of transparency. Its annual operating budget (c. EUR 5 million) has been used mainly for current staff costs, in particular management.

Doubtful management decisions are also reported, such as the hiring of external auditing companies to supervise the physical execution of the works and the respective financial evolution of the work and even an excessive concentration on the construction of infrastructures, many of which by Chinese companies, from which high commissions were paid for those involved. READ MORE