Lawyers for President Obiang told a court in Guernsey last week that he was prepared to give evidence against the British-based businessmen who allegedly plotted a failed coup attempt in the oil-rich West African state.

Simon Mann, the former SAS officer, Eli Calil, the Lebanese millionaire, and Greg Wales, a businessman, all deny involvement in the coup attempt.

Mann, an Old Etonian, is serving a four-year jail sentence in Zimbabwe for buying arms illegally. Sir Mark Thatcher, now living in London with his mother, has paid a £265,000 fine to avoid jail in South Africa after admitting that he helped to buy a helicopter that would have been used to fly opposition leaders into Equatorial Guinea after Mr Obiang was toppled.

Details of Mr Obiang’s plans emerged during a court hearing in which lawyers for Equatorial Guinea are attempting to gain access to bank accounts held by Mann, the alleged coup leader. They believe the documents will reveal the identities of British businessmen and companies said to have funded the coup attempt last March.

Jeffrey Archer, the former Conservative Party deputy chairman, is among those alleged to have paid money into Mann’s Guernsey accounts, but has denied any involvement in the coup. The Guernsey court is not expected to make a ruling until March 8.

Mr Obiang is also seeking an injunction at the High Court in London to bar Mann, Mr Calil and Mr Wales from attempting a further coup. He is also demanding damages for emotional distress caused by the coup attempt, as well as the cost of increased security.

Sir de Vic Carey, one of three judges hearing the case in Guernsey, said that Mr Obiang would have to waive his right to immunity and could find himself being taken from the High Court to a police station.

Another judge, Richard Southwell, QC, said: “He would be the first President of any country that I know of that would be prepared to give evidence. He might be crossexamined about the information given by Amnesty International.”

The court was also told that President Obiang would probably have to release details of his worldwide bank accounts, and undergo cross-examination about his human rights record and a coup 30 years ago when he overthrew his uncle.

Groups such as Amnesty might seize the opportunity to question him. Amnesty told The Times that they would examine possibilities for intervening. Mr Obiang was ranked sixth in a list of the ten worst despots compiled by US human rights groups last year.

The Government of Equatorial Guinea is this week expected to meet Scotland Yard’s Anti-Terrorist Branch, which recently stepped up its investigation of the involvement of British businessmen in the botched coup.

Britain has been warned that companies could lose £1 billion worth of contracts in Equatorial Guinea’s oil industry unless it helps to investigate the plot.

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