Earlier today, a federal court in Brooklyn sentenced Manuel Chang, former Finance Minister of Mozambique, to 102 months in prison and ordered him to pay $7 million in forfeiture. The restitution amount will be determined later. Chang was convicted after a trial in July and August 2024 for conspiring to commit wire fraud and money laundering as part of a $2 billion international scheme affecting investors globally. He was arrested in December 2018 in South Africa under a provisional warrant from the United States and extradited to New York in July 2023.
The sentencing announcement was made by Carolyn Pokorny, Acting U.S. Attorney for the Eastern District of New York; Brent S. Wible, Principal Deputy Assistant Attorney General; and James E. Dennehy, FBI Assistant Director in Charge of the New York Field Office.
"Today’s sentence shows that foreign officials who abuse their power to commit crimes targeting the U.S. financial system will meet U.S. justice," said Acting United States Attorney Pokorny.
Brent S. Wible commented on Chang's actions: "Manuel Chang abused his position as Finance Minister of Mozambique by obtaining $7 million in bribe payments... With today’s sentence, Chang has been held accountable for his violations of U.S. law."
James E. Dennehy highlighted the impact on investors: "Chang violated the trust of his office... May today’s sentencing reiterate the FBI’s commitment to dismantling all corruptive malpractices orchestrated by foreign governments."
During his tenure from approximately 2013 to 2016, Chang facilitated fraudulent loans worth over $2 billion through companies controlled by Mozambique's government with banks including Credit Suisse AG via its UK subsidiary CSSEL and another investment bank. These loans were supposed to fund maritime projects but were diverted into bribes exceeding $200 million.
In October 2021, Credit Suisse AG and CSSEL admitted defrauding investors concerning an $850 million loan related to these activities. They resolved this with various penalties totaling about $475 million.
Assistant United States Attorneys Hiral D. Mehta, Genny Ngai, Jonathan Siegel; Trial Attorneys Peter Cooch and Morgan Cohen; along with Paralegal Specialist Timothy Migliaro handled the prosecution with support from international authorities including those from South Africa and Europe.