News Updates
Home / BUSINESS / U.S. indicts Mozambique’s former finance minister over $2 billion loan scheme
Manuel Chang

U.S. indicts Mozambique’s former finance minister over $2 billion loan scheme

The U.S. Justice Department indicted Mozambique’s former finance minister, along with eight executives, officials and investment bankers, over their alleged roles in a $2 billion fraud and money laundering scheme, the department said on Thursday.

The alleged co-conspirators arranged for more than $2 billion in loans intended to fund three maritime projects, but diverted more than $200 million in loan proceeds in bribe payments to former Finance Minister Manuel Chang and other officials and kickback payments to three investment bankers, the department said.

reuters.com

About Frontview Tom

Leave a Reply

x

Check Also

BREAKING: Gunmen open fire on commuters around Zuba, Abuja

Commuters around Zuma rock along Abuja-Kaduna highway, in Niger state on Tuesday night ran for their  lives ...

%d bloggers like this: