Ex-Mozambique Minister Faces US Trial in Tuna-Bond Bribe Case
- US alleges Manuel Chang had role in $2 billion bond default
- Prosecutions tied to scandal led to Credit Suisse guilty plea
Manuel Chang
Photographer: Wikus de Wet/AFP/Getty ImagesThis article is for subscribers only.
Mozambique’s former Finance Minister Manuel Chang faces a criminal trial on Monday in New York over his role in a $2 billion bond fraud scandal that embroiled Credit Suisse Group AG and created a financial crisis in the east African nation.
Federal prosecutors allege Chang was among the corrupt officials who conspired with Credit Suisse bankers to take Mozambique deeper into debt with loans starting in 2013 for dubious maritime projects, including shipyards, ships to combat piracy and a tuna fishing fleet.