After nearly five years, former Mozambique finance minister Manuel Chang was extradited to the US on Wednesday to face a fraud and corruption trial over a $2 billion scandal involving fraudulent government loans.
Held in South Africa, Chang was finally handed over to US authorities after his last-ditch court effort to avoid extradition failed in May.
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Chang is accused of receiving bribes of up to $17 million during a scheme that secured loans for Mozambican state-owned companies from foreign banks and financiers for maritime projects.
According to US prosecutors, the money was looted through kickbacks and other corrupt dealings.
The loans totalling $2 billion were intended for the purchase of fishing vessels and naval patrol boats and other resources to help Mozambique’s fishing industry, but it’s alleged that never happened.
The scandal caused a financial crisis in Mozambique when the International Monetary Fund withdrew its support for the country after the so-called “hidden debts” were revealed in 2016
SOURCE: africanews.com
