A former Finance Minister of Mozambique has been sentenced to 102 months in prison for his role in a $2 billion international fraud, bribery, and money laundering scheme.
Manuel Chang, 69, of Mozambique, received $7 million in bribes in exchange for signing guarantees on behalf of the Republic of Mozambique to secure funding for three loans for maritime projects.
Between approximately 2013 and 2015, Chang, together with his co-conspirators, ensured that Credit Suisse AG, through its subsidiary in the United Kingdom, Credit Suisse Securities (Europe) Limited (CSSEL), and another foreign investment bank would arrange for more than $2 billion to be extended to companies owned and controlled by the Mozambican government.
The proceeds of the loans were intended to fund three maritime projects for which Privinvest was to provide the equipment and services. Instead, Chang and his co-conspirators illegally facilitated Privinvest’s diversion of more than $200 million of the loan proceeds to bribes and kickbacks.
“Manuel Chang abused his position as Finance Minister of Mozambique by obtaining $7 million in bribe payments in exchange for helping secure more than $2 billion in loans,” said Principal Deputy Assistant Attorney General Brent S. Wible.
On January 27, 2023, the former Finance Minister of Mozambique was sentenced in New York for his role in the $2 billion international fraud and money laundering scheme.
Chang was convicted of conspiracy to commit wire fraud, conspiracy to commit money laundering, and making false statements to a financial institution. He was sentenced to 102 months in prison and ordered to forfeit $15 million.
Key Facts
- State: Federal
- Category: Public Corruption|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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