Former Mozambique Minister Sentenced in US Fraud Case

Manuel Chang, the former finance minister of Mozambique, was sentenced to over eight years in a U.S. prison for his involvement in a $2 billion bond fraud known as the 'tuna bond' scandal. The scheme involved secret loans secured from international banks to fund a tuna fishing fleet and other maritime projects, which were misrepresented to investors and ultimately led to a significant financial crisis in Mozambique. Chang, who has already served six years, was found guilty of conspiracy to commit wire fraud and money laundering and was ordered to forfeit $7 million in bribes he received. Prosecutors detailed how Chang and his co-conspirators diverted over $200 million from the loan proceeds through bribes and kickbacks. The scandal not only affected Mozambique's economy but also defrauded investors globally, prompting international financial institutions to withdraw support. Chang's sentencing reflects the U.S. government's stance on holding foreign officials accountable for financial crimes that impact American investors.