NEW YORK CITY, New York: Former Mozambican Finance Minister Manuel Chang was convicted in a U.S. federal court for his role in a massive financial conspiracy that left his country saddled with US$2 billion in hidden debt…..For More READ THE FULL ARTICLE HERE ▶▶...CLICK HERE TO CONTINUE READING.>>
The case, rooted in the “tuna bond” scandal, exposed how loans meant for maritime projects in Mozambique were siphoned off through bribes and kickbacks, leading to a severe financial crisis in the African nation.
Thank you for reading this post, don't forget to subscribe!The conviction came after a jury in New York found Chang guilty of accepting bribes to guarantee that Mozambique would repay loans taken out by government-controlled companies. These loans were ostensibly for financing tuna fishing ships, shipyards, and Coast Guard vessels, but bankers and government officials embezzled much of the money.
“This verdict is a significant victory for justice and the people of Mozambique,” said Brooklyn-based U.S. Attorney Breon Peace. “Chang, a high-ranking government official, betrayed one of the poorest countries in the world for his own greed.”
Chang, who served as Mozambique’s Finance Minister from 2005 to 2015, pleaded not guilty to the charges, arguing that he was following government orders. His defense maintained that there was no direct evidence linking him to the bribes. However, prosecutors presented a strong case detailing how Chang allegedly received $7 million in bribes funneled through U.S. banks to European accounts.
The scandal has had a devastating impact on Mozambique’s economy. The loans, which were kept secret from the public, eventually defaulted, leaving the country with a debt equivalent to about 12 percent of its gross domestic product. The resulting financial crisis saw Mozambique’s growth stagnate, inflation rise, and millions pushed into poverty.
The case has also drawn international attention to the broader implications of such corruption. The loans were sold to investors, including pension and retirement funds, many of whom suffered significant losses. The scandal has led to convictions in Mozambique, including the sentencing of the son of former President Armando Guebuza.
Chang was arrested in South Africa in 2018 and fought extradition to the U.S. for years before being brought to New York last year. His conviction marks a significant step in holding those responsible for the scandal accountable.
With the conviction, Chang faces the possibility of up to 20 years in prison, though no sentencing date has been set…..For More READ THE FULL ARTICLE HERE ▶▶
