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President of Gabon to Give Away Inheritance

Posted by Kings Court Trust | Aug 20, 2015 9:00:00 AM

The BBC reports that Ali Bongo, the President of Gabon, is giving away his inheritance to set up a foundation for young people and their education.  According to news sources, the political figure is set to give away the millions of dollars he is due to inherit from his father, who died in 2009. His father’s estate is yet to be distributed to the 53 declared heirs but his son has now announced that he will use the money to build an educational infrastructure in Gabon.

Commenting on his decision, President Bongo said: "In my eyes, we are all heirs of Omar Bongo", and claimed that his father, "from where he is now, watches us and hears us." He said he believed his father "approves this decision and gives… his blessing."

President Bongo said that as one of the few who were "fortunate enough to have the support of their parents or the state" he felt that it was his duty to "be generous… especially in hard times."

His father, Omar Bongo, ruled the country for 41 years until he passed away in 2009. Most of his wealth has come from oil production in the country but in a speech made to mark the 55th anniversary of the country's independence, President Bongo said that "No Gabonese must be left by the side of the road".  French judges are currently probing the Bongo family over alleged embezzlement, accusations which they strongly deny.

It's always heart-warming to hear of influential individuals using their inheritance to benefit others. Can you think of any other similar stories to have hit the news recently?

Topics: IHT, Industry News, Inheritance Tax