Former Mozambique finance minister, Manuel Chang, has been ruled a flight risk and must remain in custody during the trial for his involvement in the “tuna bond” scandal. The scandal resulted in Mozambique’s bankruptcy and led Credit Suisse to pay substantial penalties. Despite hoping for bail after spending nearly five years in prison in South Africa awaiting extradition, Chang’s request was denied by Judge Nicholas Garaufis. The judge expressed concern that Chang could seek refuge at the Mozambique Mission in Manhattan and ordered him to remain in Brooklyn with a GPS ankle bracelet while posting a $1 million bond. Prosecutor Hiral Mehta argued that Chang is a flight risk due to his lack of ties to the United States, potential lengthy prison sentence, and alleged receipt of $5 million in bribes. Chang’s defense team claimed that his assets in Mozambique, totaling $2 million, are frozen and inaccessible. Nevertheless, Judge Garaufis remained unconvinced and denied the bail application.
Chang is one of eight individuals charged in a conspiracy to embezzle millions from loans associated with maritime projects, including tuna fishing boats. Prosecutors assert that Chang received $5 million in bribes in exchange for providing a government guarantee on the loans arranged by Credit Suisse. The default on these loans led to Mozambique’s economic collapse. Chang pleaded not guilty to charges of wire fraud, securities fraud, and money laundering, with his defense claiming that his signature on the loan documents merely reflected his role as a government official.
During the arraignment, Chang utilized a Portuguese interpreter, despite having a master’s degree from the University of London. The judge approved the use of an interpreter at the defense’s request, recognizing the significance of the proceedings. Three Credit Suisse bankers have already pleaded guilty in connection with the case, while a tuna boat executive was acquitted in 2019. The remaining three accused individuals are not currently in custody.
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