Ex-Foreign Finance Minister Found Guilty of $2 Billion Fraud and Money Laundering Plot in United States

August 9, 2024 TruthUSA

The former Finance Minister of Mozambique, Manuel Chang, has been convicted by a federal jury in Brooklyn for his involvement in a $2 billion fraud, bribery, and money laundering scheme that defrauded investors in the United States and other countries, the U.S. Department of Justice announced in a press release on Aug. 8.

According to evidence presented at trial, Chang, 68, received $7 million in bribes in exchange for signing guarantees on behalf of the Republic of Mozambique to secure funding for three maritime projects, the release claimed.

Despite assurances to banks and investors that the loan proceeds would fund these projects, Chang and his co-conspirators diverted over $200 million to pay bribes and kickbacks to Chang and others involved in the scheme.

“Not only did Chang’s abuse of authority betray the trust of the Mozambican people, but his corrupt bargain also caused investors—including U.S. investors—to suffer substantial losses on those loans,” Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division, said in the release. “Chang’s conviction … demonstrates that the Criminal Division is committed to combatting foreign corruption in violation of U.S. law, no matter where these schemes occur or whom they involve.”

The southeastern African coastal country is one of the top ten poorest countries in the world.

Between 2013 and 2015, Chang allegedly collaborated with executives from Privinvest Group, a UAE-based shipbuilding company, and arranged for more than $2 billion in loans through a UK subsidiary of Credit Suisse AG and another foreign investment bank.