Mozambiques Ex-finance Minister Sentenced In Us Court For Corruption
A former Mozambique finance minister was sentenced yesterday to more than eight years in prison after being found guilty of participating in a fraud involving 2 billion in loans to three state-owned companies to develop the southern African countrys marine infrastructure.
Manuel 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, following a four-week trial.
In imposing the sentence, US District Judge Nicholas Garaufis said he would recommend Chang be credited for the approximately six years he had been in custody awaiting trial, meaning he would be eligible to be released from US prison and deported to Mozambique after 2-1/2 years.
The victims trusted Mr. Chang to steward their investments and his countrys development in a corruption-free manner, Garaufis said at Changs sentencing in Brooklyn federal court.
The case stemmed from 7 million prosecutors said Chang received in bribes from Emirati-Lebanese shipbuilding firm Privinvest, in exchange for his approving a Mozambique government guarantee for loans from banks including Credit Suisse to three state-backed companies.
