A federal judge in Brooklyn just sentenced Mozambique’s former finance minister, Manuel Chang, to serve out an additional two and a half years behind bars for his participation in a massive financial scandal that resulted in a serious economic crisis for the entire nation.

The 69-year-old was Mozambique’s top finance official between 2005 and 2015. During that time, the suspect allegedly took part in a tuna bond scam.

The scam was set up in a way where fraudsters started collecting money from foreign sources as “investments” into Mozambique’s tuna fishing industry. These investments were designed to be loans to support the nation’s tuna fishing fleet, build a shipyard, and fund the building of new Coast Guard vessels.

As investments started pouring in over the years, Chang, bankers, and other government officials reportedly took massive amounts of money for themselves. It’s estimated that Chang himself was able to pocket at least $7 million in both fake “investment” funds and bribes to keep the whole scandal quiet. Much of these funds were delivered to Chang by first being wired through U.S. banks and then being deposited into European accounts.

It’s believed that Chang and his associates were able to divert an overwhelming $200 million over the years from this fake project into their own personal accounts. At the same time, the government of Mozambique continued to get deeper into debt. Three government-controlled companies that said they’d repay the loans ended up defaulting. Now, the country owes about $2 billion in loans to other countries and investors. In all, that amounted to around 12% of the country’s gross domestic product back in 2016. This “hidden debt” quickly became apparent once the companies defaulted, and this triggered an economic collapse.

Tragically, this economic scam resulted in uncontrollable inflation, currency devaluation, a sharp decrease in international investments, and forced up to 2 million Mozambican residents into poverty.

At least 10 individuals were arrested and convicted over the scandal, including Chang, who was arrested in 2018. The U.S. indicted Chang, who was brought to the country to face justice in 2023. The judge recently sentenced Chang to serve out eight and a half years in prison, but the sentence was shortened considering the suspect has already spent six years behind bars in South Africa and in America awaiting trial. During the trial, Chang expressed remorse for his actions.

Defending Yourself Against Criminal Charges

When considering the overall sentence, the judge did factor in how Chang spent 4 and ½ years incarcerated in a South African prison where conditions were poor. The judge could’ve sentenced Chang to a maximum of 20 years, but instead he will only have to serve out 2 and ½.

Are you hoping to receive similar leniency in your upcoming criminal case? If so, then it’s important to have a criminal defense attorney to represent you. Here at Bukh Law Firm, our team is prepared to help you secure the best possible legal outcome.

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