South Africa: Former Mozambican Finance Minister Faces Extradition to U.S. After Failed South African Court Bid

Cape Town — South Africa's Constitutional Court has blocked an attempt by former Mozambican finance minister Manuel Chang to stop his extradition to the U.S. where he faces charges of grand corruption and the plundering of state resources relating to a U.S.

The financial scandal around Chang resulted after Mozambican state-owned companies illicitly borrowed over U.S.$2 billion between 2013 and 2014 from international banks for shipping fleets that included tuna-fishing and surveillance vessels. The Mozambican government kept information of the loans hidden from the public and parliament, but news of the lost funds arose in 2016 which triggered a sovereign debt default and currency collapse.

Ireland Ireland Latest News, Ireland Ireland Headlines

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

Former Mozambican Finance Minister Faces Extradition to U.S.South Africa's Constitutional Court has blocked an attempt by former Mozambican finance minister Manuel Chang to stop his extradition to the United States. He faces charges relating to a U.S.$2 billion sovereign debt scandal and the plunder of Mozambican resources, writes Andre Van Wyk for AllAfrica. Chang was arrested in South Africa in December 2018, while in-transit at OR International Airport, on his way to Dubai.
Source: allafrica - 🏆 1. / 99 Read more »

The best business schools in South AfricaThe Financial Times (FT) has released its latest Executive Education Ranking for 2023.
Source: BusinessTechSA - 🏆 24. / 61 Read more »