Mozambique
After nearly five years, former Mozambique finance minister Manuel Chang was extradited to the US on Wednesday to face a fraud and corruption trial over a $2 billion scandal involving fraudulent government loans.
Held in South Africa, Chang was finally handed over to US authorities after his last-ditch court effort to avoid extradition failed in May.
Chang is accused of receiving bribes of up to $17 million during a scheme that secured loans for Mozambican state-owned companies from foreign banks and financiers for maritime projects.
According to US prosecutors, the money was looted through kickbacks and other corrupt dealings.
The loans totalling $2 billion were intended for the purchase of fishing vessels and naval patrol boats and other resources to help Mozambique’s fishing industry, but it's alleged that never happened.
The scandal caused a financial crisis in Mozambique when the International Monetary Fund withdrew its support for the country after the so-called "hidden debts" were revealed in 2016.
01:13
2026 Mining Indaba opens in Cape Town under the theme 'Stronger Together'
01:08
Zimbabwe agrees to staff-monitored programme with the IMF
01:12
Ghana consumer inflation sinks to five-year low
00:00
IMF approves final review for loan to Zambia, unlocking $190 million
01:11
IMF team to visit Gabon as authorities plan reform program
00:40
IMF approves new $261 million disbursement for Ethiopia