Manuel Chang, the former finance minister of Mozambique, was sentenced on Friday, January 19, 2025, to eight-and-a-half years in prison by a federal court in Brooklyn, New York, for his involvement in the infamous “tuna bond” scandal. The case, which has drawn international attention, is centered around fraudulent loans taken out by Mozambique’s state-owned companies between 2013 and 2014.
Chang, who served as finance minister from 2005 until his removal in 2015, was found to have facilitated $2.2 billion in loans under the guise of a tuna fishing project. The loans were backed by illegal state guarantees, which were kept hidden from the public and international donors. In return for his approval, Chang pocketed approximately $7 million in bribes.
The scandal resulted in a financial crisis for Mozambique, with the country’s currency collapsing in 2016 after the “hidden” debt was revealed. Chang’s actions and the resulting financial turmoil have had lasting consequences for the country’s economy.
In 2018, Chang was arrested in South Africa at the request of U.S. authorities, as the fraud impacted American investors and financial institutions. After lengthy extradition proceedings, Chang was transferred to the U.S. in 2023 to face charges of wire fraud and money laundering. He was convicted in August 2024, and his sentence was handed down after spending nearly six years in pre-sentence custody.
Along with his prison term, Chang was ordered to forfeit the $7 million he had obtained through the scheme. The sentencing highlights the U.S. government’s commitment to holding foreign officials accountable for crimes that affect the global financial system. U.S. Attorney Carolyn Pokorny, FBI Assistant Director James Dennehy, and Brent Wible from the Justice Department’s Criminal Division all underscored the importance of justice in international financial corruption cases.
Chang’s conviction represents a significant moment in the aftermath of the scandal, which has left Mozambique grappling with the consequences of a deeply corrupt financial arrangement.
