NEW YORK -A former Mozambique finance minister was convicted on Thursday on U.S. criminal charges over his alleged involvement in a fraud involving $2 billion in loans to three state-owned companies to develop the African nation's fishing industry.
The projects eventually collapsed and the state-backed companies defaulted on their loans, leaving investors with millions of dollars in losses. Peace called Chang"a corrupt, high-ranking government official whose greed and self-interest sold out one of the poorest countries in the world." Prosecutors said officials and bankers embezzled $200 million of the $2 billion in financing raised for the projects from 2013 to 2016.
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