Manuel Chang

Manuel Chang (born 22 August 1955 in Gaza Province) was a Mozambican economist and politician of the FRELIMO party. From 2005 to 2015 he served as the Minister of Economy and Finance in President Armando Guebuza's cabinet. He replaced Luísa Diogo as Finance Minister in February 2005.[1] His work as Finance Minister was intertwined in a debt scandal. In January 2015 when President Filipe Nyusi assumed office he replaced Chang as Finance Minister with Adriano Maleiane.[2]

Manuel Chang
Minister of Economy and Finance
In office
February 2005 – January 2015
PresidentArmando Guebuza
Preceded byLuísa Diogo
Succeeded byAdriano Maleiane
Personal details
Born (1955-08-22) 22 August 1955
Gaza Province, Portuguese East Africa
NationalityMozambican
Political partyFRELIMO
OccupationEconomist

Debt scandal

Three state-owned Mozambiqiue companies were created to exploit the county's marine resources; Proindicus was to perform coastal surveillance, Ematun was to engage in tuna fishing and MAM was to build and maintain shipyards.[3] Debt problems began in 2013, when the Abu Dhabi-based shipbuilding and offshore construction company, Privinvest, obtained a $366 million contract with Proindicus, financed by IMF loans.[4] The loans for this and other marine projects were requested by State Information and Security Service (SISE).[5] As Finance Minister Chang confirmed to Swiss bankers that proceeds from a state loan should be paid to a commercial broker instead of to the Mozambique Central Bank.[6] Chang guaranteed loans, that were illegal under Mozambique law, and kept these loans secret even from other cabinet members.[7] In 2016 a default on Eurobonds issued by the Mozambican government to hide these and other unpaid loans first brought these actions to public attention.[4][5][8]

Chang was arrested in December 2018 in South Africa for his part in diverting loan funds, based upon an indictment in the United States.[4] His extradition to the U.S. was delayed when the government of Mozambique also filed a competing request for extradition.[9] However, in February 2020 Mozamique withdrew its request.[9]

References
  1. Chale, Mateus (4 February 2005). "Guebuza names cabinet to fight poverty". IOL. Reuters. Archived from the original on 5 March 2016..
  2. "Mozambican Adriano Maleiane named Africa's "The Banker Finance Minister of the Year 2016"". Club of Mozambique. 6 January 2016.
  3. U.S. Department of Justice (19 December 2018). "Ematum Indictment".
  4. Chutel, Lynsey (10 January 2019). "A search for Mozambique's secret $2 billion debt shows how the global banking system aids corruption". Quartz Africa.
  5. "Special report on the secret $2 billion debt" (PDF). Mozambique News Reports & Clippings. 13 February 2017. Archived (PDF) from the original on 17 May 2017.
  6. Thomashausen, André (20 May 2019). "The Mozambique debt heist and its conmen". IOL. Archived from the original on 20 May 2019.
  7. "The burden of war and debt". Africa Confidential. 57 (23). 18 November 2016.
  8. "What the finance minister saw". Africa Confidential. 60 (19). 27 September 2019.
  9. Nhamire, Borges (10 February 2020). "Mozambique Drops Appeal for Extradition of Ex-Finance Minister". Bloomberg News.
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