2023-07-11 09:48:33
A former Mozambican finance minister detained in South Africa since 2018 at the request of US authorities over his alleged involvement in the so-called Mozambique “hidden debt” case, Manuel Chang will be handed over to the FBI this week for prosecution. to be extradited to the United States, South African police announced on July 10. He allegedly used the US financial system to embezzle significant funds.
“Yes, Manuel Chang is expected to be extradited to the United States,” said South African police spokeswoman Athlenda Mathe. I know the FBI is in the country, they’ve already arrived and are ready to take it, so all we have to do is turn it over to them. »
To ReadMozambique’s hidden debt: what if the trial does not take place?
In December 2022, the South African justice rejected the request made by the government of Mozambique once morest the extradition of Manuel Chang, paving the way for his extradition to the United States.
500 million dollars embezzled
The so-called “hidden debt” scandal erupted in 2016 following Mozambican state-owned companies illegally borrowed two billion dollars (1.8 billion euros) in 2013 and 2014 – while Manuel Chang was finance minister – from international banks to buy a fleet of tuna fishing boats and surveillance vessels. According to an independent audit conducted later on the case, nearly $500 million was misappropriated and not found.
To ReadMozambique Hidden Debt Scandal: Where Did the $2 Billion Go?
The minister had signed these loans and the government had hidden the debt from Parliament. After the revelation of the scandal in 2016, Mozambique’s donors, including the IMF and the World Bank, suspended their financial support. This had triggered a sovereign debt default and a collapse of Mozambique’s currency, resulting in the worst economic crisis in its history since 1975.
(With AFP)
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