In a significant legal development, Mozambique’s former finance minister, Manuel Chang, has been sentenced to eight-and-a-half years in prison for his role in the infamous “tuna bond” scandal. This sentence was handed down by a Brooklyn court, further underscoring the international dimensions of the case that has deeply impacted Mozambique’s financial stability.
Appointed in 2005 by then-President Armando Guebuza to lead anti-poverty initiatives, Chang’s tenure notably veered off course as he and other state officials were implicated in a complex bribery and financial fraud scheme. According to the US Department of Justice, between 2013 and 2014, three state-owned Mozambican companies secured loans amounting to $2.2 billion for a purported tuna fishing project. During this period, Chang reportedly accepted $7 million in bribes for signing state guarantees on these loans, guarantees that were not disclosed to the public or international donors.
The concealment of these “hidden” debts came to light in 2016, causing a dramatic currency collapse in Mozambique. Subsequently, Manuel Chang was arrested in 2018 while in South Africa, leading to a series of diplomatic and legal negotiations between Mozambique and the United States regarding his extradition. He was finally transferred to the US in 2023, where he faced charges of wire fraud and money laundering. In August 2024, Chang was convicted by a US jury, marking a turning point in this cross-border corruption saga.
Having already served nearly six years in custody in both South Africa and the US prior to sentencing, Chang now faces an additional two-and-a-half years of imprisonment. He has also been ordered to forfeit the $7 million accrued through illicit means. Acting US Attorney Carolyn Pokorny emphasized the significance of this sentence, stating, “Today’s sentence shows that foreign officials who abuse their power to commit crimes targeting the US financial system will meet US justice.” The joint announcement of the sentence by US legal authorities, as reported in a press release, reinforces the US’s commitment to combating international corruption.
This case has not only been pivotal for Mozambique but also serves as a pertinent example of the complexities involved in transnational financial fraud and the legal repercussions thereof. For more details, the full report can be accessed on JURIST.