A US court has found Manuel Chang, a former Mozambican finance minister, guilty of his involvement in one of Africa’s most significant corruption scandals, often referred to as the "tuna bond" scandal. The conspiracy, which began over a decade ago, triggered Mozambique's worst economic crisis since gaining independence.

Chang was convicted of accepting bribes through US banks in exchange for approving secret loans. These loans were ostensibly intended to fund a fleet of tuna fishing vessels and other projects. However, the funds were misappropriated, leaving Mozambique burdened with $2 billion in debt. Chang, who served as finance minister from 2005 to 2015, was arrested in South Africa in 2018 and extradited to the US in 2019 to face charges of fraud and money laundering.

The Mozambican government had sought to have Chang tried on home soil, but the US courts proceeded with the case, ultimately finding him guilty. He now faces a potential 20-year prison sentence, although his lawyers have indicated plans to appeal the verdict. The case is widely regarded as one of the most significant corruption cases in Africa.

The loans involved in the scandal were issued by Credit Suisse and the Russian bank VTB, with guarantees provided by the Mozambican government. Some of these loans were undisclosed, and Chang played a key role in approving them. During the trial, the court heard evidence that Chang accepted $7 million in bribes from the shipbuilding company Privinvest. However, his defense argued that there was no evidence Chang received any money and claimed the projects were authorized by then-President Armando Guebuza and other ministers.

Assistant US Attorney Genny Ngai, in her closing arguments, emphasized that Chang was instrumental in the approval of the loans, stating, "He cared about money over his position." Three former Credit Suisse bankers had previously pleaded guilty to money laundering charges related to the "tuna bond" case, and in 2021, UK authorities fined the bank $178 million as part of a $475 million settlement with regulators in the UK, Switzerland, and the US.

The fallout from the fraudulent deal has been severe, with millions of people in Mozambique being pushed into poverty and billions of dollars in economic growth lost. An independent audit, commissioned by the International Monetary Fund, revealed that around £500 million in funds had been siphoned off, and the whereabouts of this money remain unknown.

Despite its wealth of natural resources, including large offshore gas reserves and ruby mines, Mozambique remains one of the poorest countries in Africa. The country’s economic growth in recent years has done little to alleviate widespread poverty.

Breon Peace, the US attorney for the Eastern District of New York, called the verdict "an inspiring victory for justice and the people of Mozambique who were betrayed by the defendant, a corrupt, high-ranking government official whose greed and self-interest sold out one of the poorest countries in the world."