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Mozambique’s former finance minister, Manuel Chang (pictured right here in 2019), has been deemed a flight danger.
Wikus De Moist | Afp | Getty Pictures
A U.S. federal decide dominated that Mozambique’s former finance minister, Manuel Chang, should stay behind bars whereas awaiting trial for fraud within the infamous “tuna bond” scandal which helped bankrupt the African nation and lead Credit score Suisse to pay about half a billion {dollars} in felony and civil penalties.
Chang, who seemed frail strolling into court docket Thursday afternoon in Brooklyn, hoped to be out on bail after being imprisoned for practically 5 years in South Africa whereas awaiting extradition.
Decide Nicholas Garaufis denied the defendant’s request for bail, deeming Chang a flight danger. “He may nonetheless current himself to the Mozambique Mission to the UN on fifty fifth Road in Manhattan and so they may select to harbor him and return him to Mozambique in the event that they selected, proper?” the decide requested Chang’s lawyer, Adam Ford.
Ford answered “sure,” however proposed Chang put on a “GPS ankle bracelet” and agree to stay in Brooklyn, thus stopping him from getting into the Mozambique Mission in Manhattan. As well as, his shopper would publish a $1 million private recognizance bond, secured by $100,000 money, and give up his passport.
Prosecutor Hiral Mehta argued Chang was a flight danger as a result of he has no ties to the US, faces as many as 55 years in jail if convicted, and is financially nicely off after allegedly receiving $5 million in bribes. Chang’s attorneys disputed that, saying that though Chang does have $2 million in Mozambique, these funds are frozen. “He has no entry to that cash,” Ford informed the decide. Garaufis remained unconvinced and dominated “the applying for bail is denied.”
Chang is considered one of eight folks charged in an alleged conspiracy to loot a whole lot of tens of millions of {dollars} from $2 billion value of loans organized for doubtful maritime initiatives, together with a fleet of tuna fishing boats.
Prosecutors say Chang acquired three funds totaling $5 million in change for offering a authorities assure from Mozambique on the loans, organized by Credit score Suisse. When the loans defaulted, it led to the nation’s sovereign debt collapse, devastating the Mozambique financial system.
Chang pleaded not responsible to 3 fees of conspiracy associated to wire fraud, securities fraud, and cash laundering. Hinting at his future protection, Chang’s lawyer acknowledged that though his shopper’s signature is on the mortgage paperwork, it does not point out he knew in regards to the fraud.
“He was required to signal a doc as a result of that was his function within the authorities,” mentioned Ford.
Three Credit score Suisse bankers beforehand pleaded responsible within the case. A tuna boat govt was acquitted in 2019. The three remaining accused usually are not in custody.
Chang used a Portuguese interpreter all through the arraignment. When requested by the decide if he spoke English, Chang responded in Portuguese “I do not communicate, however I perceive.”
Decide Garaufis responded “I am asking as a result of I perceive you may have a grasp’s diploma from the College of London.” Chang’s lawyer acknowledged that given the importance of the proceedings, it will be useful for his shopper to have an interpreter. The decide agreed to the request.
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