The former finance minister of Mozambique has been convicted of US charges over the decade-old tuna bond scandal that involved the now-defunct Credit Suisse.
Mozambique’s former finance Manuel Chang has been convicted of US charges for his role in the $2 billion tuna bond scandal, according to a statement by the Department of Justice. The charges for conspiracies to commit wire fraud and money laundering carry a maximum prison term of 20 years each.
The conviction refers to a scandal beginning in 2013 involving loans issued by the now-defunct Credit Suisse and Russia’s VTB that were claimed to be used to develop Mozambique’s fishing industry and improve maritime security. Later investigations found that these loans were backed by illegal state guarantees with large sums embezzled.
Credit Suisse paid nearly $475 million to US and UK authorities to end a probe into the transactions with UBS later reaching a settlement with the Mozambique government in 2023.
Revelations in Court
According to court documents and evidence presented at trial, Chang, 68, received $7 million in bribes in exchange for signing guarantees on behalf of Mozambique to secure funding for three loans that were falsely claimed for maritime projects. Over $200 million were subsequently diverted for bribes and kickbacks to Chang and others.
«Not only did Chang’s abuse of authority betray the trust of the Mozambican people, but his corrupt bargain also caused investors – including US investors – to suffer substantial losses on those loans,» said Principal Deputy Assistant Attorney General and head of the Justice Department’s Criminal Division Nicole M. Argentieri.
According to a «Reuters» report citing court proceedings, Chang’s lawyer, Adam Ford, said he intends to appeal and argued at trial that evidence showed that payments went to another man instead of Chang.