Mozambique Charges 20 With $2bn Debt Fraud

Mozambique has charged 20 individuals over a $2bn fraud scam. Among those charged are the son of former President Armando Guebuza, the former head of state security Gregorio Leao and Antonio Carlos do Rosario, chief executive of the three state companies.  

Under the scam state-owned companies contracted $2bn in debt to fund questionable projects.

The charges include corruption, money laundering, blackmail, abuse of office and criminal association. 

The former finance minister Manuel Chang may also face charges and is wanted by the authorities and US Justice Department for his role in approving government guarantees for foreign debt.

Earlier this year three former Credit Suisse bankers were charged in the US for their role in a 2013 deal to fund project including a state tuna fishery.

A former Credit Suisse Group AG managing director, Andrew Pearse, has confessed to taking millions of dollars in kickbacks to help arrange bank loans for the companies.