Manuel Chang

{{Main|Tuna bonds}}

Three state-owned Mozambique companies were created to exploit the county's marine resources; Proindicus was to perform coastal surveillance, Ematun was to engage in tuna fishing and MAM was to build and maintain shipyards.{{Cite web|title=Ematum Indictment |author=U.S. Department of Justice |date=19 December 2018 |url=https://www.justice.gov/criminal-fraud/file/1150716/download }} Debt problems began in 2013, when the Abu Dhabi-based shipbuilding and offshore construction company, Privinvest, obtained a $366 million contract with Proindicus, financed by IMF loans.{{Cite news|last=Chutel |first=Lynsey |date=10 January 2019 |title=A search for Mozambique's secret $2 billion debt shows how the global banking system aids corruption |newspaper=Quartz Africa |url=https://qz.com/africa/1519653/mozambique-finance-minister-arrested-credit-suisse-fbi-caught-up/ }} The loans for this and other marine projects were requested by State Information and Security Service (SISE).{{Cite web|title=Special report on the secret $2 billion debt |date=13 February 2017 |publisher=Mozambique News Reports & Clippings |url=https://www.open.ac.uk/technology/mozambique/sites/www.open.ac.uk.technology.mozambique/files/files/Mozambique_359-13Feb2017_%242bn-debt-parliamentary-report-key-points.pdf |archive-url=https://web.archive.org/web/20170517053537/https://www.open.ac.uk/technology/mozambique/sites/www.open.ac.uk.technology.mozambique/files/files/Mozambique_359-13Feb2017_%242bn-debt-parliamentary-report-key-points.pdf |archive-date=17 May 2017 |url-status=live }} As Finance Minister Chang confirmed to Swiss bankers that proceeds from a state loan should be paid to a commercial broker instead of to the Mozambique Central Bank.{{Cite news|last=Thomashausen |first=André |date=20 May 2019 |title=The Mozambique debt heist and its conmen |newspaper=IOL |url=https://www.iol.co.za/news/opinion/the-mozambique-debt-heist-and-its-conmen-23607640 |archive-url=https://web.archive.org/web/20190520071703/https://www.iol.co.za/news/opinion/the-mozambique-debt-heist-and-its-conmen-23607640 |archive-date=20 May 2019 |url-status=live }} Chang guaranteed loans, that were illegal under Mozambique law, and kept these loans secret even from other cabinet members.{{Cite journal|title=The burden of war and debt |date=18 November 2016 |journal=Africa Confidential |volume=57 |issue=23 |url=https://www.africa-confidential.com/article-preview/id/11833/The_burden_of_war_and_debt |url-access=subscription }} In 2016 a default on Eurobonds issued by the Mozambican government to hide these and other unpaid loans first brought these actions to public attention.{{Cite journal|title=What the finance minister saw |date=27 September 2019 |journal=Africa Confidential |volume=60 |issue=19 |url=https://www.africa-confidential.com/article-preview/id/12760/What_the_finance_minister_saw |url-access=subscription }}

Chang was arrested in December 2018 in South Africa for his part in diverting loan funds, based upon an indictment in the United States. His extradition to the U.S. was delayed when the government of Mozambique also filed a competing request for extradition.{{Cite news|last=Nhamire |first=Borges |title=Mozambique Drops Appeal for Extradition of Ex-Finance Minister |date=10 February 2020 |newspaper=Bloomberg News |url=https://www.bloomberg.com/news/articles/2020-02-10/mozambique-drops-appeal-for-extradition-of-ex-finance-minister |url-access=subscription }} However, in February 2020 Mozambique withdrew its request, and Chang was extradited to the United States on July 12, 2023.{{cite web |last1=Eligon |first1=John |title=Mozambican Accused in $2 Billion ‘Tuna’ Scandal Is Extradited to New York |url=https://www.nytimes.com/2023/07/12/world/africa/mozambique-manuel-chang-extradite-south-africa.html |website=The New York Times |access-date=12 July 2023 |date=12 July 2023}} The trial against him began in July 2024.{{cite web |last=Peltz |first=Jennifer |title=Former Mozambique finance minister on trial in US over 'tuna bond' scandal that spurred debt crisis |url=https://apnews.com/article/mozambique-tuna-bond-hearing-56ec8d5025954d5271642a83649ec4f2 |website=The Associated Press |access-date=17 July 2024 |date=18 July 2024}} On August 8, 2024, a federal jury convicted him of conspiracy to commit wire fraud and conspiracy to commit money laundering for his role in a $2 billion fraud, bribery and money laundering scheme that enabled investments in the United States and elsewhere.{{Cite web |date=2024-08-08 |title=Eastern District of New York: Former Finance Minister of Mozambique Convicted of Fraud and Money Laundering in $2 Billion Scheme|url=https://www.justice.gov/usao-edny/pr/former-finance-minister-mozambique-convicted-fraud-and-money-laundering-2-billion |access-date=2024-08-19 |website=www.justice.gov |language=en}} On 17 January 2025, Chang was sentenced to 8.5 years' imprisonment.{{Cite web |title=Mozambique’s ex-finance minister gets another 2.5 years behind bars in ‘tuna bonds’ corruption case |url=https://apnews.com/article/mozambique-tuna-bonds-trial-manuel-chang-d6278611cd60bcccd441eb110f74b50a |access-date=18 January 2025 |website=AP News |language=en}}

{{Reflist}}

{{Authority control}}

{{DEFAULTSORT:Chang, Manuel}}

Category:Mozambican economists

Category:Finance ministers of Mozambique

Category:FRELIMO politicians

Category:Living people

Category:1955 births

Category:People from Gaza Province

{{Mozambique-politician-stub}}