Former Mozambique Finance Minister Sentenced in $2 Billion Fraud Case

Manuel Chang, former Mozambique finance minister, received an 8.5-year prison sentence for his role in a $2 billion fraud, involving loans to state-owned companies for Mozambique's fishing industry. Convicted of wire fraud and money laundering conspiracies, Chang's sentence follows a four-week trial in Brooklyn.

In a landmark decision, former Mozambique finance minister Manuel Chang was sentenced to 8.5 years in prison. The verdict, delivered on Friday, concludes the infamous 'tuna bonds' scandal.

Chang, aged 69, was found guilty in August by a Brooklyn jury after a lengthy four-week trial involving wire fraud and money laundering conspiracies.

This case revolved around $2 billion in loans intended for Mozambique’s fishing industry, involving state-owned companies. The fraud left a significant impact on the southern African nation’s economy.