Mozambique’s former finance minister, Manuel Chang, has been arrested
in South Africa at the request of the United States, a police spokesman
said.
in South Africa at the request of the United States, a police spokesman
said.
 |
| Manuel Chang |
Chang, who was in charge of Mozambique’s finances when it guaranteed
$2 billion in secret borrowing by state-owned firms in 2013 and 2014,
was arrested on Saturday in Johannesburg.
$2 billion in secret borrowing by state-owned firms in 2013 and 2014,
was arrested on Saturday in Johannesburg.
“He is wanted by the U.S.,” police spokesman Vish Naidoo said.
Mozambique’s state news agency said Chang, 63, was wanted on charges
of conspiracy to commit wire fraud, conspiracy to commit securities
fraud and money laundering.
of conspiracy to commit wire fraud, conspiracy to commit securities
fraud and money laundering.
It said the charges had nothing to do with the undisclosed borrowing,
which prompted foreign donors including the International Monetary Fund
to cut off support, triggering a currency collapse and debt default.
which prompted foreign donors including the International Monetary Fund
to cut off support, triggering a currency collapse and debt default.
Two years on from the disclosure of the loans, Mozambique is still
battling to reduce a suffocating debt burden and restructure some of the
debt.
battling to reduce a suffocating debt burden and restructure some of the
debt.
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