Manuel Chang, Mozambique's former finance minister, faces sentencing in a New York court on wire fraud and money laundering charges related to the infamous 'tuna bonds' scandal. Prosecutors allege that Chang accepted bribes to secretly commit Mozambique to $2 billion in loans from overseas banks, which were intended to finance maritime projects but instead were plundered by bankers and government officials.
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SA Live deals this week: $5 off SA Coffee Festival & moreFILE - Former Mozambican finance minister, Manuel Chang, is seen in court in Kempton Park, Johannesburg, South Africa, Jan. 8, 2019. (AP Photo/Phill Magakoe, File)– Mozambique’s former finance minister is set to be sentenced Friday in a New York court on wire fraud and money laundering charges stemming from the infamous “tuna bonds” scandal.Prosecutors say Chang accepted payoffs to put his homeland secretly on the hook for about $2 billion in loans from major overseas banks.The proceeds were supposed to finance a tuna fishing fleet, a shipyard, Coast Guard vessels and other maritime projects. Instead, prosecutors say, bankers and government officials plundered the funds through bribes and kickbacks.In filings ahead of Friday's sentencing, prosecutors argued for a prison sentence of 11 to 14 years. Chang's lawyers argued for him to be sentenced to the nearly six years he's already served behind bars and released. During the trial, prosecutors said Chang pocketed $7 million in bribes, which they say was wired through U.S. banks to European accounts. Prosecutors say Chang and other participants diverted more than $200 million, defrauding investors in the U.S. and elsewhere by misrepresenting how the loan proceeds would be used and causing them to suffer substantial losses.They maintained he was simply doing as his government wished when he signed off on pledges that Mozambique would repay the loans, which were borrowed by three government-controlled companies between 2013 and 2016. When the companies defaulted, Mozambique was stuck with a $2 billion debt, or roughly 12% of the nation’s gross domestic product at the time.Nearly 2 million Mozambicans were forced into poverty by some estimates. The government slashed services, growth stagnated, inflation surged, the currency plummeted, and international investment and aid dried up.Meanwhile, at least 10 people have been convicted and sentenced to prison in Mozambican courts over the scandal, including the son of the country's former president, Armando Guebuza. Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.Here's how to get fabulous items to make life around the house easier, more organized and tidy — all while saving big.SA Live deals this week: $5 off SA Coffee Festival & mor
Mozambique Manuel Chang Tuna Bonds Corruption Wire Fraud Money Laundering Sentencing
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Mozambique's Former Finance Minister Set to be Sentenced in U.S. for $2 Billion Loan ScandalManuel Chang, Mozambique's former finance minister, faces sentencing Friday in New York for wire fraud and money laundering charges stemming from a $2 billion loan scandal. Prosecutors allege Chang accepted bribes to secretly commit Mozambique to the loans, which were intended for maritime projects but were instead plundered by bankers and government officials. Chang's lawyers seek his release after nearly six years in prison, while prosecutors argue for 11 to 14 years.
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