Former Mozambique Finance Minister arrested in relation to $2bn secret loans

Responding to reports that former Mozambique Finance Minister Manuel Chang has been arrested in South Africa in relation to the $2 billion secret debt deals, Tim Jones, policy officer at the Jubilee Debt Campaign said:

“It is welcome that the US authorities are continuing to pursue this case. Hopefully this arrest will lead to further information coming to light on the $2 billion of secret loans, and action being taken against both the Mozambique officials who agreed the deals, and the London-based banks who lent the money. The one group who should not have to pay anything on these odious debts are the people of Mozambique.”

Manuel Chang was arrested in O.R. Tambo international airport in South Africa on 29 December on route to Dubai. His lawyer has said that Chang has received an indictment from the US Department of Justice detailing charges linked to the three loans to Mozambican state-owned companies, Ematum, Mozambique Asset Management and Proindicus.

The US is seeking Chang’s extradition. Chang’s lawyer has said he will oppose the extradition request. Bloomberg report that a bail hearing will take place on 8 January.

In November 2018 the UK’s Financial Conduct Authority dropped its criminal investigation into the case.

Water pump in Chinhagore, Mozambique. Credit: Senorhorst Jahnsen
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