Former Mozambique Finance Minister Convicted in $2 Billion Tuna Bonds Fraud Case

Manuel Chang, former Mozambique finance minister, was convicted for his role in a $2 billion fishing industry loan fraud. Jurors found him guilty of accepting $7 million in bribes. The scandal involved loans from Credit Suisse and VTB and led to a financial crisis in Mozambique.

In a major development, Manuel Chang, former Mozambique finance minister, was convicted on U.S. criminal charges on Thursday. The conviction came in relation to a $2 billion fraud case involving loans to develop Mozambique's fishing industry, often referred to as the 'tuna bonds' case.

Chang was found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering after a three-week trial held in a federal court in Brooklyn, New York. Prosecutors revealed that the shipbuilding company Privinvest paid Chang $7 million in bribes to secure government guarantees for loans from Credit Suisse and Russian bank VTB.

The fraudulent scheme not only engulfed high-ranking Mozambican officials but also led to a financial collapse in the nation. Credit Suisse bankers were implicated, with two pleading guilty and testifying against Chang. The ramifications included a currency collapse and temporary suspension of financial aid from the International Monetary Fund.

(With inputs from agencies.)