The U.S. Department of Justice sentenced former Mozambique Finance Minister Manuel Chang to 102 months in prison for his role in a USD 2 billion international fraud, bribery, and money laundering scheme tied to maritime project financing. The court also ordered forfeiture of USD 7 million. Between approximately 2013 and 2015, Chang received USD 7 million in bribes in exchange for signing state guarantees to secure funding for three loans to Mozambican government-owned companies Proindicus S.A., Empresa Moçambicana de Atum, S.A. (EMATUM), and Mozambique Asset Management (MAM). Credit Suisse AG, through its United Kingdom subsidiary Credit Suisse Securities (Europe) Limited, and another foreign investment bank arranged more than USD 2 billion in lending that was marketed to banks and investors as funding coastal surveillance, tuna fishing, and shipyard projects, but more than USD 200 million of proceeds was diverted to bribes and kickbacks, including more than USD 150 million used to bribe Chang and other officials; the borrowers later defaulted and missed more than USD 700 million in loan payments. Chang was convicted at trial on Aug. 8, 2024 of conspiracy to commit wire fraud and conspiracy to commit money laundering. A restitution amount will be determined at a later date.
U.S. Department of Justice 2025-01-17
U.S. Department of Justice sentences former Mozambique finance minister to 102 months for $2 billion loan fraud and money laundering scheme
The U.S. Department of Justice sentenced former Mozambique Finance Minister Manuel Chang to 102 months in prison for his role in a USD 2 billion fraud, bribery, and money laundering scheme tied to maritime project financing. Chang received USD 7 million in bribes for signing state guarantees for loans to Mozambican companies, with over USD 200 million diverted to bribes and kickbacks. Credit Suisse AG and another bank arranged the loans, resulting in defaults exceeding USD 700 million.