On Wednesday, Manuel Chang, a former finance minister for Mozambique, was extradited to the US after nearly five years to stand trial for fraud and corruption in connection with a $2 billion scandal involving phoney government loans.
Chang, who had been detained in South Africa, was eventually turned over to US authorities after his final court bid to avoid extradition in May was unsuccessful.
Chang is suspected of accepting bribes totalling up to $17 million as part of a conspiracy to get loans for state-owned marine enterprises in Mozambique from foreign banks and financiers.
US prosecutors claim that the money was stolen through kickbacks and other shady business practices.
It is believed that the $2 billion in loans were never used for the purchase of fishing boats, naval patrol boats, and other resources to support Mozambique’s fishing industry.
When the IMF withdrew its financing for Mozambique following the revelation of the alleged “hidden debts” in 2016, the issue triggered a financial catastrophe in that nation.
