Former Foreign Finance Minister Convicted of $2 Billion Fraud and Money Laundering Scheme in US

Published on August 9, 2024

The former Finance Minister of Mozambique, Manuel Chang, has been convicted by a federal jury in Brooklyn for his involvement in a $2 billion fraud, bribery, and money laundering scheme that defrauded investors in the United States and other countries, the U.S. Department of Justice announced in a press release on Aug. 8. According to evidence presented at trial, Chang, 68, received $7 million in bribes in exchange for signing guarantees on behalf of the Republic of Mozambique to secure funding for three maritime projects, the release claimed. Despite assurances to banks and investors that the loan proceeds would fund these projects, Chang and his co-conspirators diverted over $200 million to pay bribes and kickbacks to Chang and others involved in the scheme....

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