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US Settles Suit With Son of Equatorial Guinea President

The United States says the son of Equatorial Guinea's president has agreed to hand over $30 million in assets that U.S. officials say were bought with money looted from his country.

Under the settlement in U.S. federal court, Teodoro Nguema Obiang agreed to sell his mansion in Malibu, California, and other U.S. assets, including Michael Jackson memorabilia.

The U.S. Justice Department says much of the money will be given to charities that provide assistance to people in Equatorial Guinea. It says some of the money also will be forfeited to the United States and will be used to help the West African nation.

U.S. authorities have accused Obiang, who is also the second vice president in Equatorial Guinea, of using his position of power to amass more than $300 million in the United States through corruption and money laundering.

France is also pursuing a case against Obiang in an attempt to seize millions of dollars of his assets abroad.

Human rights groups have long considered Equatorial Guinea one of Africa's most repressive governments. Activists say President Teodoro Obiang Nguema rules the country with an iron fist while enriching himself and his associates.