A US federal jury on Thursday convicted Manuel Chang, a former finance minister of Mozambique, of conspiracy to commit fraud and money laundering for his involvement in a two billion dollar loan fraud to fund fishing projects. The charges can lead to a prison sentence of up to 20 years.

The jury found Chang guilty after prosecutors argued that although Chang received several billion dollars from banks and investors for maritime projects in Mozambique, he and his conspirators used some of the funds for bribes and kickbacks to Chang. The scheme also involved alleged bribes from Privinvest, an Emerati-Lebanese shipbuilding company, to ensure that some Mozambican companies would be continuously funded by loans. The Mozambican companies’ subsequent defaults caused substantial losses to US investors even though Chang promised that the Mozambican government would guarantee the loans.

United States Attorney Breon Peace emphasized the importance of the decision not only to the US investors but also to the Mozambican people by stating:

Today’s verdict is 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. Chang now stands convicted of pocketing millions in bribes to approve projects that ultimately failed, laundering the money, and leaving investors and Mozambique stuck with the bill.

Chang was arrested in South Africa in 2018 in line with a provisional arrest warrant requested by the US following the diplomatic battles regarding the jurisdiction of his case with Mozambique. Chang was extradited to New York in 2023.