Former Finance Minister of Mozambique has been Found Guilty of Accepting $7m in Bribes
A serious portrait of a Sudanese man symbolizing the impact of Sudan’s war on its people and culture.
A Brooklyn jury on Thursday convicted Manuel Chang of conspiracies to commit wire fraud and money laundering over what US prosecutors called a “massive international fraud” carried out more than a decade ago, in which the 68-year-old backed projects that promised to build up the impoverished African state’s coastland, buy fishing vessels and erect shipyards. Chang and others in turn borrowed up to $2bn from Credit Suisse and VTB Capital, and used some of the funds to funnel kickbacks, prosecutors said. The loans later collapsed into default over the alleged looting, and the IMF, which had been kept partially in the dark about the bonds, cut support to the country after the loans were discovered.