84:, who also served in the Guebuza government, was arrested in South Africa on 29 December 2018 at the request of U.S. prosecutors who asked for Chang to be extradited to the U.S. to face trial in connection with the loans. Chang was in jail in South Africa until he was extradited to the United States on July 12, 2023. Current president
69:
had received payments as campaign contributions. Mozambican law prohibits public officials from receiving personal payments from third parties in connection with their current or former public officials. Credit Suisse and VTB have argued that the
Mozambican government is liable to repay the loans.
68:
alleged that the loans were a front for government officials and bankers to enrich themselves. The government of
Mozambique brought legal action in the United Kingdom to challenge the validity of the loans, as they were contracted under English law. Privinvest, in their defense, alleged that Nyusi
72:
Credit Suisse was fined almost US$ 500 million by UK, US and
European regulators for a lack of transparency in the issuing of the bonds, for kickbacks benefitting Credit Suisse bankers and for enabling loans likely to be embezzled by Mozambican officials, including Chang. In October 2021, Credit
60:
withdrew their support for the country. In June 2019 and May 2020, Mozambique's
Constitutional Council declared the loans were illegal and void, as they were not approved by the parliament, and ruled that “o expenditure can be assumed, ordered or carried out without being duly registered in the
52:, ostensibly for a project involving tuna fishing and maritime security. The loans were backed by undisclosed state guarantees and a large part of the money went missing. A total of $ 2.2 billion in hidden loans was uncovered in 2016, which triggered a collapse in the
40:
for contracts and loans to develop
Mozambique's fishing industry and improve maritime security. However, later investigations discovered that the loans were backed by undisclosed and illegal state guarantees and a large part of the money was embezzled.
409:
480:
255:"Three Former Mozambican Government Officials and Five Business Executives Indicted in Alleged $ 2 Billion Fraud and Money Laundering Scheme That Victimized U.S. Investors"
165:
254:
205:
504:
531:
352:
401:
133:
64:
In March 2019, three former
Mozambican officials and five business executives were indicted in New York for their alleged role in the scheme. The
148:
44:
Between 2013 and 2014, three state-owned companies – Ematum, Mozambique Asset
Management (MAM), Proindicus – borrowed $ 622 million from
279:
581:
617:
622:
57:
303:
377:
179:
73:
Suisse pled guilty to wire fraud and agreed to forgive US$ 200 million in debt owed by
Mozambique to the bank.
612:
65:
481:"US Department of Justice accuses Maputo of "pursuing" Chang's extradition to protect politicians - report"
328:
456:
555:
53:
229:
206:"Conselho Constitucional considera nulos atos ligados às dívidas ocultas | DW | 13.05.2020"
88:
was defence minister when the deals were made and has also been implicated in the scandal.
77:
431:
606:
107:
45:
37:
29:
102:
97:
85:
81:
329:"Lei de Probidade Publica / CRV / Files / Media - Procuradoria Geral da Republica"
304:"Shipbuilder in Mozambique debt scandal says made payments to now-President Nyusi"
149:"Ex-Mozambique finance minister pleads not guilty in New York over debt scandal"
33:
582:"Mozambican Accused in $ 2 Billion 'Tuna' Scandal Is Extradited to New York"
532:"Court sets aside Masutha's decision to extradite Mozambique's Manuel Chang"
134:"Mozambique seeks $ 3 billion from Privinvest in 'tuna bonds' scandal"
32:
are alleged to have paid over $ 100 million in bribes to officials in
28:) refers to a debt scandal where the company Privinvest and its owner
402:"Credit Suisse fined £350m over Mozambique 'tuna bonds' loan scandal"
505:"SA arrests Mozambique's ex-finance minister for extradition to US"
378:"Mozambique court declares void two loans in 'hidden debt' scandal"
166:"The fallout from Mozambique's debt scandal reaches a London court"
353:"French Billionaire Puts Mozambique Leader at Heart of Debt Scam"
556:"United States v. Jean Boustani, Court Docket Number: 18-CR-681"
280:"Hedge Funds Enter Credit Suisse Bribery Fight With Mozambique"
230:"Mozambique's top court says state-guaranteed Eurobond illegal"
432:"Ex-Mozambican finance minister remains in South African jail"
49:
56:
and a default on its debt. International lenders such as the
61:
budget of the approved state ... which was not the case.”
80:
was president of
Mozambique. Former Minister of Finance
108:
Credit Suisse#Mozambique secret loans scandal, 2017
457:"Manuel Chang | Profile | Africa Confidential"
8:
526:
524:
180:"Mozambique court annuls loans of $ 1.4 bn"
160:
158:
127:
125:
123:
119:
7:
412:from the original on 25 January 2022
14:
132:Tobin, Sam (October 17, 2023).
204:Welle (www.dw.com), Deutsche.
1:
580:Eligon, John (12 July 2023).
151:– via www.reuters.com.
147:Cohen, Luc (July 13, 2023).
136:– via www.reuters.com.
76:The loans were awarded when
461:www.africa-confidential.com
58:International Monetary Fund
639:
168:– via The Economist.
98:Filipe Nyusi#Illegal loans
66:U.S. Justice Department
48:and $ 535 million from
618:Scandals in Mozambique
623:2010s in Mozambique
26:hidden debt scandal
586:The New York Times
18:tuna bonds scandal
630:
597:
596:
594:
592:
577:
571:
570:
568:
567:
552:
546:
545:
543:
542:
528:
519:
518:
516:
515:
501:
495:
494:
492:
491:
477:
471:
470:
468:
467:
453:
447:
446:
444:
443:
428:
422:
421:
419:
417:
398:
392:
391:
389:
388:
374:
368:
367:
365:
364:
349:
343:
342:
340:
339:
325:
319:
318:
316:
315:
300:
294:
293:
291:
290:
276:
270:
269:
267:
266:
251:
245:
244:
242:
241:
226:
220:
219:
217:
216:
201:
195:
194:
192:
191:
176:
170:
169:
162:
153:
152:
144:
138:
137:
129:
22:tuna bond affair
638:
637:
633:
632:
631:
629:
628:
627:
603:
602:
601:
600:
590:
588:
579:
578:
574:
565:
563:
560:www.justice.gov
554:
553:
549:
540:
538:
530:
529:
522:
513:
511:
503:
502:
498:
489:
487:
479:
478:
474:
465:
463:
455:
454:
450:
441:
439:
430:
429:
425:
415:
413:
400:
399:
395:
386:
384:
376:
375:
371:
362:
360:
351:
350:
346:
337:
335:
327:
326:
322:
313:
311:
302:
301:
297:
288:
286:
278:
277:
273:
264:
262:
259:www.justice.gov
253:
252:
248:
239:
237:
228:
227:
223:
214:
212:
203:
202:
198:
189:
187:
178:
177:
173:
164:
163:
156:
146:
145:
141:
131:
130:
121:
116:
94:
78:Armando Guebuza
20:(also known as
12:
11:
5:
636:
634:
626:
625:
620:
615:
613:2010s scandals
605:
604:
599:
598:
572:
547:
520:
496:
472:
448:
423:
393:
369:
344:
333:www.pgr.gov.mz
320:
295:
284:BloombergQuint
271:
246:
221:
196:
171:
154:
139:
118:
117:
115:
112:
111:
110:
105:
100:
93:
90:
13:
10:
9:
6:
4:
3:
2:
635:
624:
621:
619:
616:
614:
611:
610:
608:
587:
583:
576:
573:
561:
557:
551:
548:
537:
536:www.iol.co.za
533:
527:
525:
521:
510:
506:
500:
497:
486:
482:
476:
473:
462:
458:
452:
449:
437:
433:
427:
424:
411:
407:
403:
397:
394:
383:
379:
373:
370:
358:
357:Bloomberg.com
354:
348:
345:
334:
330:
324:
321:
309:
305:
299:
296:
285:
281:
275:
272:
260:
256:
250:
247:
235:
231:
225:
222:
211:
207:
200:
197:
185:
181:
175:
172:
167:
161:
159:
155:
150:
143:
140:
135:
128:
126:
124:
120:
113:
109:
106:
104:
101:
99:
96:
95:
91:
89:
87:
83:
79:
74:
70:
67:
62:
59:
55:
51:
47:
46:Credit Suisse
42:
39:
38:Credit Suisse
35:
31:
30:Iskandar Safa
27:
23:
19:
589:. Retrieved
585:
575:
564:. Retrieved
562:. 2019-04-03
559:
550:
539:. Retrieved
535:
512:. Retrieved
508:
499:
488:. Retrieved
484:
475:
464:. Retrieved
460:
451:
440:. Retrieved
438:. 2019-08-13
435:
426:
414:. Retrieved
406:The Guardian
405:
396:
385:. Retrieved
381:
372:
361:. Retrieved
359:. 2021-01-31
356:
347:
336:. Retrieved
332:
323:
312:. Retrieved
310:. 2021-02-03
307:
298:
287:. Retrieved
283:
274:
263:. Retrieved
261:. 2019-03-07
258:
249:
238:. Retrieved
236:. 2019-06-04
233:
224:
213:. Retrieved
209:
199:
188:. Retrieved
186:. 2020-05-13
183:
174:
142:
103:Manuel Chang
86:Filipe Nyusi
82:Manuel Chang
75:
71:
63:
43:
25:
21:
17:
15:
607:Categories
566:2021-02-10
541:2020-09-02
514:2020-09-02
490:2020-09-02
485:Mozambique
466:2020-09-02
442:2020-09-02
416:8 November
387:2021-02-16
363:2021-02-16
338:2021-02-16
314:2021-02-16
289:2021-02-16
265:2021-02-16
240:2021-02-16
215:2021-02-12
190:2021-02-12
114:References
34:Mozambique
509:TimesLIVE
184:France 24
410:Archived
92:See also
591:12 July
436:AP NEWS
382:Reuters
308:Reuters
234:Reuters
54:metical
36:and to
24:or the
210:DW.COM
593:2023
418:2021
16:The
50:VTB
609::
584:.
558:.
534:.
523:^
507:.
483:.
459:.
434:.
408:.
404:.
380:.
355:.
331:.
306:.
282:.
257:.
232:.
208:.
182:.
157:^
122:^
595:.
569:.
544:.
517:.
493:.
469:.
445:.
420:.
390:.
366:.
341:.
317:.
292:.
268:.
243:.
218:.
193:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.