US jury convicts Mozambique’s ex-finance minister Manuel Chang in ‘tuna bonds’ corruption case

DCPS has been running ads to help boost enrollment amid ongoing slide. Only time will tell if it’s workingFILE - Former Mozambican finance minister, Manuel Chang, is seen in court in Kempton Park, Johannesburg, South Africa, Jan. 8, 2019.

But bankers and government officials looted the loan money to line their own pockets, U.S. prosecutors said. The public learned in 2016 about Mozambique's $2 billion debt, about 12% of the nation's gross domestic product at the time. A country that the World Bank had designated one of the world’s 10 fastest-growing economies for two decades was abruptly plunged into financial upheaval.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US jury convicts Mozambique’s ex-finance minister Manuel Chang in ‘tuna bonds’ corruption caseA U.S. jury has convicted former Mozambican Finance Minister Manuel Chang in a bribe conspiracy case that welled up from from his country’s “tuna bond” scandal. A federal jury in New York delivered the verdict Thursday.
Source: AP - 🏆 728. / 51 Read more »

Former Mozambique finance minister on trial in US over 'tuna bond' scandal that spurred debt crisisThe “tuna bond” scandal that shook Mozambique’s economy is washing into a U.S. court. Former Mozambican finance minister Manuel Chang is being tried on charges that he took bribes to secretly commit his country to huge loans that prosecutors say got looted. Chang has pleaded not guilty to conspiracy charges.
Source: AP - 🏆 728. / 51 Read more »