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Hidden Debts: Manuel Chang to Receive Prison Sentence This Friday (17th)

Hidden Debts: Manuel Chang to Receive Prison Sentence This Friday (17th)

Manuel Chang, Mozambique’s former finance minister, will face the reading of his sentence on Friday 17th at the Brooklyn Federal Court in New York. The trial follows his conviction in August last year on charges of conspiracy to commit wire fraud and conspiracy to launder money, according to Carta de Moçambique.

The case, which has far-reaching repercussions both in Mozambique and on the international stage, is linked to the fraudulent obtaining of loans worth two billion dollars in 2013 for the purchase of maritime security equipment and tuna fishing boats through the Lebanese company Privinvest.

The unauthorised transactions were covered up, giving rise to the ‘hidden debts’ scandal, which shook the government of the then President of the Republic, Armando Guebuza, under whose administration Chang served from 2005-15.

The details of the case reveal that the funds acquired were not used as planned, and a significant part disappeared in illegal commissions and corrupt payments. The discovery of this scheme generated a financial and credibility crisis for Mozambique, leading to severe economic and political consequences.

Chang’s trial was marked by legal complexities, given his extradition from the United States, where he was arrested in 2018 after being intercepted on a transit flight in South Africa.

Since then, his legal situation has been closely monitored, reflecting the seriousness of the charges against him and the impact of this case on governance and fiscal transparency in Mozambique.

The judgement, which will be handed down by the federal judge, is eagerly awaited, as it could set an important precedent in the treatment of financial crimes and corruption at international level, especially those involving high-ranking government officials and complex cross-border transactions.

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