Mozambique’s ex-finance minister Manuel Chang sentenced to 8 and a half years in prison in the United States

Manuel Chang, Mozambique’s former finance minister, has been sentenced to eight and a half years in prison in the United States. The sentence stems from the so-called “tuna bond” scandal, a $2 billion fraud. The funds were supposed to modernize fisheries and improve maritime safety in the southern African country.

Manuel Chang, 69, was convicted in August by a Brooklyn jury of conspiracy to commit wire fraud and conspiracy to commit money laundering in the “tuna bonds” case, following a four-week trial.

In imposing the sentence, U.S. District Judge Nicholas Garaufis said he would recommend Chang be credited for the approximately six years he had been in custody awaiting trial, meaning he would be eligible to be released from U.S. prison and deported to Mozambique after 2-1/2 years.

The case stemmed from $7 million prosecutors said Chang received in bribes in exchange for his approving a Mozambique government guarantee for loans from banks including Credit Suisse to three state-backed companies.

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The loans were meant to develop Mozambique’s fishing industry and improve maritime security, but the projects collapsed and the state-backed companies defaulted, leaving investors – including some in the United States – with millions of dollars in losses, prosecutors said.

Donors such as the International Monetary Fund temporarily halted support to Mozambique, triggering a currency collapse and financial turmoil.