LNB News 24/01/2025
Document Information
Issue Date: 24 January 2025
Published Date: 24 January 2025
Jurisdiction(s): Mozambique and USA
The US Department of Justice has sentenced Manuel Chang, the former Finance Minister of Mozambique, to 102 months in prison for his role in a $2 billion international fraud, bribery, and money laundering scheme. Chang was convicted of conspiracy to commit wire fraud and conspiracy to commit money laundering, having received $7 million in bribes to approve fraudulent loans. The scheme involved misrepresenting the use of loan proceeds to banks and investors, with over $200 million diverted for bribes and kickbacks. This resulted in substantial losses to investors due to loan defaults. Chang has been ordered to forfeit $7 million, with a restitution amount to be determined at a later date. This case is linked to a previous settlement in 2021 where Credit Suisse admitted to defrauding investors in related loan arrangements in coordinated enforcement action between the US and UK.
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