Connect with us

Musings From Abroad

US courts sentence former Mozambican finance minister over “tuna bonds” controversy

Published

on

A former finance minister of Mozambique has been found guilty of federal crimes in the United States due to his involvement in a scam involving $2 billion in loans to three state-owned businesses intended to grow the country’s fishing sector.

After a three-week trial in a federal court in Brooklyn, New York, jurors found Manuel Chang guilty of conspiring to commit wire fraud and conspiring to commit money laundering in the “tuna bonds” case.

Reporters were informed outside the courthouse by defendant attorney Adam Ford that Chang intends to appeal the decision.

In exchange for issuing a Mozambique government guarantee for loans to three state firms to expand the African nation’s fishing industry and enhance marine security, the prosecution claims that shipbuilding company Privinvest paid Chang $7 million in bribery.

 

To hide his tracks, Chang had other Mozambican officials speak with Privinvest about the payoffs after receiving the money in a Swiss bank account managed by a friend, according to the prosecution.

Investors lost millions of dollars when the projects finally failed and the state-backed businesses stopped making loan payments.

A currency crash and financial chaos were caused by the temporary suspension of financing by donors like the International Monetary Fund.

“Today’s verdict is an inspiring victory for justice and the people of Mozambique,” Breon Peace, the top federal prosecutor in Brooklyn said in a statement.
Peace called Chang “a corrupt, high-ranking government official whose greed and self-interest sold out one of the poorest countries in the world.”

Ford contended that there was no proof the $7 million was meant for Chang and that his client only approved the Mozambican government guarantee because the president of the nation asked him to.

“That money never went to Minister Chang,” Ford said in his closing argument on Monday.

At a 2019 Brooklyn trial, Privinvest salesman Jean Boustani, a co-defendant, was found not guilty when he testified that he was not involved in packaging the loans for investors.
From 2013 to 2016, authorities and bankers allegedly embezzled $200 million of the $2 billion in funding raised for the projects, according to the prosecution.

To settle related bribery and fraud accusations, Britain and the United States received a $475 million payment from Credit Suisse, which was later bought by rival Swiss bank UBS, in 2021.

On July 29, Mozambique prevailed in the majority of its $3.1 billion lawsuit against Emirati-Lebanese Privinvest at London’s High Court. Privinvest was accused of bribing Mozambican authorities and Credit Suisse bankers to obtain favourable conditions.

According to a Privinvest representative, the corporation will file an appeal against the court’s decision that it gave Chang bribes and believes that paying hundreds of millions of dollars in damages would be unjust.

 

Musings From Abroad

3 Americans sentenced to death in DR Congo for thwarted coup

Published

on

A military court has sentenced 37 accused persons to death for their roles in the failed coup attempt in the Democratic Republic of the Congo in May, including three US nationals.

On May 19, armed men took over the presidential residence in Kinshasa for a short while until security forces assassinated their leader, Christian Malanga, a politician from the Democratic Republic of the Congo who was living in the US.

Marcel Malanga, his son, and Tyler Thompson, a friend of Marcel’s who played football with him in high school in Utah, were two of the Americans on trial. They’re both in their 20s.

Christian Malanga’s business associate Benjamin Zalman-Polun was the third American.
All three received the death penalty in a decision that was read aloud on television after being convicted guilty of terrorism, criminal conspiracy, and other offences.

Malanga had already informed the court that his father had threatened to murder him if he didn’t take part. In addition, he informed the court that he was going to Congo for the first time at his father’s invitation—a relationship he had not had in a long time.

After the failed coup, some fifty individuals, including citizens of the US, UK, Canada, Belgium, and the Congo, are awaiting prosecution. Thirty-seven offenders received death sentences.

The decision was announced in the courtyard of the military jail Ndolo, which is located outside of Kinshasa, beneath a tent. The defendants, dressed in prison-issue blue and yellow tops, were seated in front of the judge.

July marked the start of the trial. Ambassador personnel were present at the proceedings, according to State Department spokesperson Matthew Miller in Washington, and they will keep a careful eye on any further developments.

“We understand that the legal process in the DRC allows for defendants to appeal the court’s decision,” he told a briefing.

Jean-Jacques Wondo, a citizen of Belgium and Congo, is one of the 37 defendants. Before the trial, Wondo’s family made video messages to Congo President Félix Tshisekedi pleading for his release.

Continue Reading

Musings From Abroad

US backs 2 permanent seats for Africa in Security Council

Published

on

United States Ambassador to the UN, Linda Thomas-Greenfield, is set to announce the position that the US favours giving two permanent seats to African states in the Security Council, and one seat that would be rotated among small island developing states.

The action is being taken as the US looks to strengthen its relationships with Pacific Island countries that are crucial to fending off Chinese influence in the area and mend fences with Africa, where many people are upset over Washington’s support for Israel’s war in Gaza.

The declaration, which Thomas-Greenfield described as a part of US President Joe Biden’s legacy, is intended to “move this agenda forward in a way that we can achieve Security Council reform at some point in the future,” she told journalists.

In addition to Washington’s long-standing support for India, Japan, and Germany to also receive permanent seats on the council, there is a drive for two permanent African members and a rotating seat for small island developing states.

Developing countries have long sought seats on the Security Council, the UN’s most powerful body, permanently. However, years of reform negotiations have yielded little results, and it’s uncertain if US backing could spur action.

Thomas-Greenfield made it clear to Reuters ahead of the Council on Foreign Relations’ announcement in New York on Thursday that Washington opposes the extension of the veto power beyond the five nations that now possess it.

The Security Council is responsible of upholding global peace and security and is vested with the authority to employ force, impose sanctions, and enforce arms embargoes.

There were eleven members of the Security Council at the UN’s founding in 1945. In 1965, the number of members rose to 15, consisting of five permanent veto-wielding nations (the US, Britain, China, Russia, and France) and ten elected governments serving two-year terms.

Continue Reading

EDITOR’S PICK

Metro1 hour ago

How media training can build a resilient culture of free speech in Zambia

In a democratic country like Zambia, a free and independent media is essential for holding those in power accountable, promoting...

Culture2 hours ago

Please forgive me, I’m now a child of God,’— Nigerian singer Portable begs for slapping pastor (Video)

Controversial Nigerian singer, Habeeb Okiliola, popularly known as Portable, has pleaded for forgiveness following an incident where he allegedly slapped...

Sports2 hours ago

Kenya’s female athletes maintain Diamond League dominance

Kenya’s female athletes have continued to prove their dominance at the Diamond League final in Brussels, Belgium, as they have...

VenturesNow3 hours ago

Ezz al-Arab appointed as Egypt’s CIB chairman

Commercial International Bank (CIB), Egypt’s largest private bank, announced on Monday that long-time chairman and previous CEO Hisham Ezz al-Arab...

VenturesNow3 hours ago

Nigerian inflation falls again, drops to 32.15% in August

Nigeria’s August inflation rate declined for a second month to 32.15% from 33.40% in July, the statistics office reported on...

Behind the News5 hours ago

Behind the News: All the backstories to our major news this week

Over the past week, there were many important stories from around the African continent, and we served you some of...

Politics5 hours ago

Tunisian court mandates electoral commission to reinstate presidential contenders

The highest court in Tunisia has issued an order requiring the electoral commission to re-enter two candidates for an October...

Politics6 hours ago

Under their new coalition, Mali, Burkina, Niger to launch biometric passports

As part of their departure from the West African bloc in favour of a new Sahel alliance, military authorities in...

VenturesNow8 hours ago

Uganda Airlines starts direct routes from Nigeria

  Uganda Airlines has begun offering direct service to Entebbe, located in central Uganda, from Abuja, Nigeria’s capital. According to...

Metro9 hours ago

‘Expect more protests, I am not afraid of Tinubu’, Nigerian activist blows hot after airport arrest

The presidential candidate of the African Action Congress (AAC) in Nigeria’s 2023 presidential election, Omoyele Sowore, has vowed that despite...

Trending