Manuel Chang, the former Finance Minister of Mozambique, has been sentenced to 8.5 years in prison for his role in a $2 billion international fraud, bribery, and money laundering scheme.
Chang, 69, was convicted in August by a Brooklyn jury of conspiracy to commit wire fraud and conspiracy to commit money laundering in the “tuna bonds” case.
The scheme involved Chang receiving $7 million in bribes from Privinvest, a shipbuilding firm, in exchange for approving Mozambique government guarantees for loans from banks, including Credit Suisse.
The loans were meant to develop Mozambique’s fishing industry and improve maritime security, but the projects collapsed, leaving investors with millions of dollars in losses.
U.S. District Judge Nicholas Garaufis recommended that Chang be credited for the approximately six years he spent in custody awaiting trial, making him eligible for release and deportation to Mozambique after 2.5 years. Chang’s lawyers had sought no prison time, citing his prolonged detention, but prosecutors urged a sentence of 11-14 years.
Chang apologized for his actions, stating that he “deeply regret[s] the damages that I caused.” His lawyer, Adam Ford, announced plans to appeal the conviction.
The case has also led to Credit Suisse agreeing to pay $475 million to resolve bribery and fraud charges related to the scandal.
