Mozambique’s former finance minister, Manuel Chang, has been sentenced to an additional two and a half years in prison for his involvement in the “tuna bonds” corruption case that caused a financial crisis in his country.
The 69-year-old was convicted last year for accepting bribes, which resulted in Mozambique secretly shouldering $2 billion in loans from foreign banks. Chang was sentenced by a U.S. federal judge on Friday to a total of eight and a half years in prison, which includes nearly six years he has already served in U.S. and South African detention.
Speaking through an interpreter, Chang expressed regret for his actions, calling them a source of deep disgust. “I deeply regret the damage I have caused,” he said in court. He also requested the judge to show leniency, considering the lengthy time he spent in harsh prison conditions in South Africa.
Chang’s role in the scandal stems from his time as finance minister from 2005 to 2015. The loans, initially intended to fund a tuna fishing fleet and maritime projects, were instead misused for bribes and kickbacks, leading to a major financial disaster for Mozambique.
Prosecutors revealed that Chang personally received $7 million in bribes, funneled through U.S. banks to European accounts. The scandal caused investors to suffer substantial losses, and the country was burdened with an unsustainable $2 billion debt after the companies defaulted.
The scandal, which erupted in 2016, pushed nearly 2 million Mozambicans into poverty and crippled the nation’s economy. Chang’s arrest in 2018 and subsequent extradition to the U.S. marked a significant chapter in the ongoing efforts to hold those responsible accountable.
At least 10 individuals have been convicted in Mozambique for their roles in the scandal, including the son of the former president, Armando Guebuza.