Former Mozambican Finance Minister Sentenced in US Over Corruption Scandal
Former Mozambique Finance Minister, Manuel Chang, has been sentenced to eight and a half years in prison in the United States for his involvement in a massive corruption scandal that significantly impacted the nation’s economy.
Chang, who served as finance minister from 2005 to 2015, was convicted in August 2024 for accepting $7 million in bribes to authorize $2 billion in undisclosed loans to state-owned enterprises. The scandal, dubbed the “Tuna Bond Scandal,” exposed a web of financial misconduct, with funds intended for maritime projects misappropriated and siphoned off in kickbacks.
The consequences of the scandal were far-reaching for Mozambique. International donors, including the International Monetary Fund (IMF) and the World Bank, froze financial assistance, leading to a dramatic collapse of the nation’s currency and triggering an economic crisis. The fallout also undermined investor confidence, exacerbating financial instability in the gas-rich but impoverished nation.
Chang’s sentencing marks a significant step in the global fight against corruption, highlighting the need for transparency and accountability in governance. It also serves as a stark reminder of the devastating effects corruption can have on national economies and the livelihoods of citizens.
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