Former Mozambican Finance Minister Convicted in Bribery Case Linked to Tuna Bond Scandal

NEW YORK — Manuel Chang, the former Finance Minister of Mozambique, was convicted on Thursday in a U.S. court for his role in a financial conspiracy linked to the country’s notorious “tuna bond” scandal. Prosecutors accused Chang of accepting bribes to secure substantial loans for government-controlled companies involved in tuna fishing and maritime projects, which ultimately led to Mozambique incurring $2 billion in hidden debt and a severe financial crisis. U.S. Attorney Breon Peace hailed the verdict as a significant victory for justice, emphasizing that Chang's actions betrayed the people of Mozambique, one of the world's poorest nations. Chang served as the country’s top financial official from 2005 to 2015, and his defense argued that he acted under government directives when he approved the loan agreements, denying any personal financial gain from the transactions. Between 2013 and 2016, three state-controlled companies borrowed $2 billion from international banks, intended to fund a tuna fleet and other maritime infrastructure. However, the loans were marred by allegations of fraud, money laundering, and bribery, leading to economic stagnation, rampant inflation, and a decline in public services in Mozambique. The case has seen other defendants, including two British bankers, plead guilty, while a Lebanese shipbuilding executive was acquitted in 2019. No sentencing date has been set for Chang, who is now 48 years old, as the fallout from the scandal continues to impact Mozambique's economy and governance.