Africa Cup of Nations hosted by country called land of 'extortion'

There's the $2 million he's splashed out on Michael Jackson memorabilia and then there's the financial dealings he's had with Italian businessman Roberto Berardi.

That's a deal that has come at some cost to Berardi who, as you read this, is in a jail cell measuring three meters by three meters.

The Italian businessman is incarcerated in Bata, Equatorial Guinea, a country of just 780,000 inhabitants known for its extremes of wealth and poverty.

It may be the third largest oil producer in sub-Saharan Africa and have a GDP to rival many a western nation but more than three-quarters of Equatoguineans live in poverty, says the World Bank.

Later this week, a country human rights groups describe as a repressive dictatorship and "one of the world's most repressive societies" will host Africa's most important sporting event -- the Cup of Nations football tournament.

the 50-year-old Berardi, who has three children and a wife waiting for him back home in Europe, was convicted in 2013 of misappropriation, fraud and swindling.

His family says he was tortured during his detention, according to Human Rights Watch, and has always maintained his innocence.

The Equatorial Guinea government did not respond to CNN's request by phone or email for comment on the allegation Berardi was tortured.

The founder of Eloba Construccion does say he made one "mistake."

Having entered into business with Teodoro Obiang Nguema Mangue -- nicknamed Teodorin -- the son of Equatorial Guinea's president, Berardi had the temerity to question his partner about unsanctioned payments going to an unnamed account in the U.S.

In response, Teodorin, the second vice-president of a country critics allege is run as a "family business," and who has a passion for Jackson memorabilia, accused Berardi himself of financial impropriety.

At his brief trial Berardi's family says no evidence was presented to support the charges brought against him.

Teodorin himself is no stranger to allegations of financial fraud.

In October, the U.S. Justice Department stated that Teodorin had plundered his homeland "through relentless embezzlement and extortion."

Berardi has been in custody since January 2013, is often denied access to his lawyer, according to the Geneva-based World Organisation Against Torture, and has spent the last year in isolation after being sentenced in August 2013 to two years and four months.

His family hopes Berardi -- who has lost 30-40 kilograms and suffered typhoid and malaria in prison, according to Human Rights Watch -- could be released later this year, though the date remains uncertain.

"We don't believe he will be able to come out of prison in May," Roberto's brother Stefano told CNN.

"We are very worried because no one is telling us what is going on and we know that the Equatorial Guinea government is repressive."

"Berardi is the personal prisoner of his business associate [Teodorin]," added Ponciano Mbomio Nvó, the Italian's legal representative in Equatorial Guinea.

"But as his lawyer, I am sure he will be freed in May."

The Equatorial Guinea government did not respond to CNN's request by phone and email for comment on the suggestion Berardi was Teodorin's "personal prisoner."

Either way, Berardi's is a tale which highlights the manner in which the country, sandwiched between Cameroon and Gabon on the Gulf of Guinea, goes about its business.

President Obiang, now 72, is one of the world's longest-serving (non-royal) leaders, having been in power since 1979, when he overthrew his uncle in a coup.

Despite a per-capita GDP in excess of $22,000, Equatorial Guinea's many critics accuse the government of siphoning off its huge wealth for their personal gain.

The people certainly see little benefit, with the United Nations saying that more than half the population lack access to both clean water and basic sanitation facilities.

"The way some diplomats describe Equatorial Guinea is that the country is in effect a family business," said Javier Blas, the Africa editor for Britain's Financial Times newspaper.

"The President's family controls all political power and the economy. Teodorin, the eldest son of the president, controls the most powerful corners of the intelligence service and the presidential guard."

(CNN)