Former Mozambique Finance Minister Sentenced for $2 Billion Fraud

Manuel Chang, the former finance minister of Mozambique, has been sentenced to eight and a half years in prison for his role in the $2 billion 'tuna bonds' fraud scheme. The scheme involved loans intended for the development of Mozambique's fishing industry but resulted in widespread corruption, financial mismanagement, and significant economic distress for the nation. Chang was convicted of wire fraud and money laundering after a trial that highlighted his acceptance of bribes totaling $7 million and involvement in misleading investors about the loan's usage. Despite facing a potential maximum sentence of 20 years, his time already served in custody may reduce his prison term to just over two years. Chang's legal team has announced plans to appeal the conviction, arguing he acted under political pressure and without direct financial incentives. The scandal has had lasting repercussions, contributing to a financial crisis that forced nearly 2 million Mozambicans into poverty and strained the country's relations with international donors.