Former Mozambique Minister Convicted in Tuna Bond Scandal

Former Mozambican Finance Minister Manuel Chang was convicted in a U.S. court for his role in the $2 billion tuna bond scandal, which involved fraudulent loans intended to develop Mozambique's fishing industry. Prosecutors revealed that Chang accepted $7 million in bribes from the shipbuilding firm Privinvest in exchange for guaranteeing loans from Credit Suisse and VTB. The scandal, which spanned from 2013 to 2016, led to significant financial losses and poverty for nearly two million Mozambicans. Chang, who pleaded not guilty, claimed he acted under government directives, but evidence indicated widespread corruption and embezzlement among high-ranking officials. U.S. Attorney Breon Peace hailed the verdict as a victory for justice in Mozambique, while Chang's lawyer announced intentions to appeal. Chang faces a potential sentence of up to 20 years in prison on the conspiracy charges.