Did the son of Equatorial Guinea's leader really try to buy a $380 million yacht called 'Zen?'(Read article summary)
Teodorin Obiang, son of the President of Equatorial Guinea, tried to buy the world's second most expensive yacht, according to Global Witness, an anticorruption advocacy group in London.
Mr. Obiang, who doubles as the country's agricultural minister, approached Germany's Kusch Yachts to commission "Zen": a $380 million football field-length cruise-liner packing a movie theater, restaurant, bar, fingerprint-activated doorknobs, and a swimming pool, says Global Witness.
Zen's basic design was completed by Kusch in December 2009 for $342,000 with an original delivery date set for late 2012, but construction has not yet started.
The government of the oil-rich but dirt-poor nation says Obiang never intended to use government funds to purchase a personal ark. He was just, they say, inquiring on what such a boat would cost – then caught sticker shock and thought better of his sealust.
But even if they're right, what was a guy whose official salary is only $81,588 a year be doing at the yacht store? It would take 4,600 years of regular wages to pay off Project Zen. Even an average yacht – a $65 million proposition, according to a 2005 Forbes Magazine report – would require 797 years of steady government work as the agricultural minister.