Nearly five years after he was arrested at a South African airport, Mozambique’s former finance minister has lost a last-ditch court appeal and faces extradition to the United States over a $2 billion corruption scandal related to loans to Mozambican state-owned companies.
U.S. prosecutors allege that Manuel Chang, Mozambique’s finance minister from 2005 to 2015, was involved in a scheme that ultimately defrauded American and international investors. The huge sums of money leant by international banks to Mozambique — and guaranteed by the Mozambique government — were meant for a series of maritime projects but disappeared in bribes, kickbacks and other illegal payments, it’s alleged.
Chang is accused of receiving about $17 million in bribes in the “hidden debts” scandal. He was indicted in the Eastern District Court of New York in 2018.