End of the line for Manuel Chang: 20 years in prison for conspiracy and money laundering
Former Mozambican Finance Minister, Manuel Chang, aged 68, has been sentenced to 20 years in prison after being found guilty of conspiracy to commit wire fraud and money laundering in a $2 billion scheme that defrauded investors in the United States and other countries.
The trial, which lasted four weeks, was overseen by U.S. District Judge Nicholas G. Garaufis in the Eastern District of New York.
The verdict was hailed as a victory for justice and the Mozambican people, as stated by U.S. Attorney Breon Peace in a press release. "Chang betrayed the people of Mozambique, one of the poorest countries in the world, by pocketing millions of dollars in bribes to approve failed projects, laundering the money, and leaving investors and Mozambique with the bill," Peace said.
Chang, who was arrested in South Africa in December 2018 and extradited to New York in July 2023, was accused of receiving $7 million in bribes in exchange for signing guarantees to secure over $2 billion in loans for three maritime projects while serving as Finance Minister.
Nicole M. Argentieri, Principal Deputy Assistant Attorney General and head of the Criminal Division of the U.S. Department of Justice, highlighted that Chang's conviction underscores the Department's commitment to fighting foreign corruption, regardless of where the schemes occur or who is involved. She emphasized that Chang not only betrayed the trust of the Mozambican people but also caused substantial losses to investors, including Americans, through his corrupt dealings.
Prosecutors revealed that Chang and his co-conspirators deceived banks and investors by falsely claiming that the loan proceeds would be used for the projects and that no bribes would be paid to Mozambican government officials. Instead, more than $200 million of the funds were diverted to pay bribes to Chang and others involved in the scheme.
