Mozambique's Ex-Finance Minister Convicted in $2B Fraud Scheme

Manuel Chang found guilty of accepting bribes and orchestrating a massive corruption operation that led to a financial crisis in Mozambique.

Federal jury in New York convicted Manuel Chang of conspiracy to commit wire fraud and money laundering.
Chang accepted $7 million in bribes to secure over $2 billion in loans for maritime projects, which were misused.
The fraudulent scheme resulted in Mozambique incurring $2 billion in hidden debt, causing severe economic turmoil.
The case involved international cooperation, with significant assistance from South African and European authorities.
Credit Suisse and other banks faced penalties for their roles in the scandal, with Credit Suisse paying $475 million in fines.