Manuel Chang, the former finance minister of Mozambique, has been sentenced to an additional two-and-a-half years in prison by a U.S. court for his involvement in the infamous “tuna bond” scandal, which triggered a financial crisis in Mozambique. Chang, 69, was convicted last year of accepting bribes to help secure about $2 billion in loans from international banks, which ultimately placed Mozambique’s economy in jeopardy.
On Friday, a federal judge in New York handed down a sentence of eight-and-a-half years in prison for Chang, accounting for the nearly six years he has already served in U.S. and South African detention. Chang was arrested in South Africa in 2018 and was subsequently extradited to the U.S. to face trial.
Chang expressed deep remorse during his sentencing hearing, telling the court through an interpreter that he had learned from his mistakes and felt “very disgusted” with his actions. “I deeply regret the damage I have caused,” he said, adding an apology for his conduct.
The scandal dates back to when Chang, as Mozambique’s finance minister between 2005 and 2015, approved loans meant to fund projects including a tuna fishing fleet, a shipyard, and Coast Guard vessels for the country. However, prosecutors say that much of the loan money was diverted through bribery and kickbacks involving Chang, bankers, and other government officials.
Prosecutors revealed that Chang personally received $7 million in bribes, wired via U.S. banks to European accounts. In total, the scheme resulted in the misappropriation of over $200 million, defrauding investors across the globe by misrepresenting the intended use of the loan funds and causing substantial financial losses.
Chang’s defense team argued that there was no concrete evidence linking him directly to the financial transactions in question. However, the court proceeded with the sentence, underlining the severity of the actions that contributed to the financial collapse faced by Mozambique.
As part of his appeal, Chang requested the judge’s compassion, citing his declining health due to diabetes exacerbated by his imprisonment in South Africa’s harsh conditions. He pleaded not to die in a foreign prison, far from his family.
Chang’s sentencing marks another chapter in the aftermath of the scandal, which continues to have widespread repercussions for Mozambique’s economy and international reputation.
