US Indicts Mozambique's Former Finance Minister Over US$2b Loan Scheme
08 Mar 2019 06:33AM
WASHINGTON: The US Justice Department indicted Mozambique's former finance minister, along with eight executives, officials and investment bankers, over their alleged roles in a US$2 billion fraud and money laundering scheme, the department said on Thursday.
The alleged co-conspirators arranged for more than US$2 billion in loans intended to fund three maritime projects, but diverted more than US$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.
Read more at https://www.channelnewsasia.com/news/world/us-indicts-mozambique-s-former-finance-minister-over-us-2b-loan-11323162
WASHINGTON: The US Justice Department indicted Mozambique's former finance minister, along with eight executives, officials and investment bankers, over their alleged roles in a US$2 billion fraud and money laundering scheme, the department said on Thursday.
The alleged co-conspirators arranged for more than US$2 billion in loans intended to fund three maritime projects, but diverted more than US$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.
Read more at https://www.channelnewsasia.com/news/world/us-indicts-mozambique-s-former-finance-minister-over-us-2b-loan-11323162
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