Former Mozambican Finance Minister Manuel Chang guilty in US for fraud, money laundering in $2bn bond scandal with Credit Suisse's 'tuna bonds'.

Former Mozambican Finance Minister Manuel Chang has been found guilty in the US of fraud and money laundering charges related to a $2bn bond scandal involving Credit Suisse. The 'tuna bonds' scandal saw Chang accept bribes to secretly secure loans for government-controlled companies in Mozambique for tuna fishing ships and other maritime projects. The loans were misused and led to a $2bn hidden debt crisis, causing a financial crisis in the country. Chang faces up to 20 years in prison on the charges.

August 08, 2024
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