Minister Guilty in Tuna Bond Scheme

A US court has convicted Manuel Chang, a former finance minister of Mozambique, for his role in a conspiracy linked to the "tuna bond" scandal, which has been described as the worst economic crisis in Mozambique since its independence. Chang was found guilty of accepting bribes through US banks in exchange for approving secret loans intended for a fleet of tuna fishing vessels and other projects. The scandal resulted in Mozambique accruing a staggering $2 billion in debt, severely impacting the nation’s economy. The loans, issued by Credit Suisse and the Russian bank VTB, were guaranteed by the Mozambican government but were marred by a lack of transparency. Chang, who served as finance minister from 2005 to 2015, allegedly pocketed $7 million in bribes from the shipbuilding firm Privinvest. However, his defense team contends that there is no concrete evidence of any wrongdoing on his part, asserting that the projects were approved by former President Armando Guebuza and other officials. The Mozambican government had sought Chang's extradition to face trial in his home country, but the US court proceedings have taken precedence. Analysts have noted that this case represents one of the largest corruption scandals in Africa's history. In related developments, three former Credit Suisse bankers have already pleaded guilty to charges of money laundering connected to the scandal, and the UK authorities previously fined the investment bank $178 million. Despite its rich natural resources, including offshore gas reserves and ruby mines, Mozambique continues to grapple with economic challenges, ranking among the poorer nations on the continent.