{"id":42648,"date":"2023-07-14T20:30:34","date_gmt":"2023-07-14T20:30:34","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk"},"modified":"2023-07-14T21:16:24","modified_gmt":"2023-07-14T21:16:24","slug":"mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk","title":{"rendered":"Mozambique ex-finance minister Manuel Chang denied bail in New York, deemed a \u2018flight risk\u2019"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>A U.S. federal judge ruled that Mozambique\u2019s former finance minister, Manuel Chang, must remain behind bars while awaiting trial for fraud in the notorious \u201ctuna bond\u201d scandal which helped bankrupt the African nation and lead Credit Suisse to pay about half a billion dollars in criminal and civil penalties.<\/p>\n

Chang, who looked frail walking into court Thursday afternoon in Brooklyn, hoped to be out on bail after being imprisoned for nearly five years in South Africa while awaiting extradition.<\/p>\n

Judge Nicholas Garaufis denied the defendant\u2019s request for bail, deeming Chang a flight risk. \u201cHe could still present himself to the Mozambique Mission to the UN on 55th Street in Manhattan and they could choose to harbour him and return him to Mozambique if they chose, right?\u201d the judge asked Chang\u2019s lawyer, Adam Ford.<\/p>\n

Ford answered \u201cyes,\u201d but proposed Chang wear a \u201cGPS ankle bracelet\u201d and agree to remain in Brooklyn, thus preventing him from entering the Mozambique Mission in Manhattan. In addition, his client would post a $1 million personal recognizance bond, secured by $100,000 cash, and surrender his passport.<\/p>\n

Prosecutor Hiral Mehta argued Chang was a flight risk because he has no ties to the United States, faces as many as 55 years in prison if convicted, and is financially well off after allegedly receiving $5 million in bribes. Chang\u2019s lawyers disputed that, saying that although Chang does have $2 million in Mozambique, those funds are frozen. \u201cHe has no access to that money,\u201d Ford told the judge. Garaufis remained unconvinced and ruled \u201cthe application for bail is denied.\u201d<\/p>\n

Chang is one of eight people charged in an alleged conspiracy to loot hundreds of millions of dollars from $2 billion worth of loans arranged for dubious maritime projects, including a fleet of tuna fishing boats.<\/p>\n

Prosecutors say Chang received three payments totalling $5 million in exchange for providing a government guarantee from Mozambique on the loans, arranged by Credit Suisse. When the loans defaulted, it led to the country\u2019s sovereign debt collapse, devastating the Mozambique economy.<\/p>\n

Chang pleaded not guilty to three charges of conspiracy related to wire fraud, securities fraud, and money laundering. Hinting at his future defense, Chang\u2019s lawyer stated that although his client\u2019s signature is on the loan documents, it doesn\u2019t indicate he knew about the fraud.<\/p>\n

\u201cHe was required to sign a document because that was his role in the government,\u201d said Ford.<\/p>\n

Three Credit Suisse bankers previously pleaded guilty in the case. A tuna boat executive was acquitted in 2019. The three remaining accused are not in custody.<\/p>\n

Chang used a Portuguese interpreter throughout the arraignment. When asked by the judge if he spoke English, Chang responded in Portuguese \u201cI don\u2019t speak, but I understand.\u201d<\/p>\n

Judge Garaufis responded \u201cI\u2019m asking because I understand you have a master\u2019s degree from the University of London.\u201d Chang\u2019s lawyer stated that given the significance of the proceedings, it would be helpful for his client to have an interpreter. The judge agreed to the request.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. A U.S. federal judge ruled that Mozambique\u2019s former finance minister, Manuel Chang, must remain behind bars while awaiting trial for fraud in the notorious \u201ctuna bond\u201d scandal which helped bankrupt the African nation and lead Credit Suisse to pay about half a billion dollars in criminal and civil penalties. Chang, who looked […]<\/p>\n","protected":false},"author":84,"featured_media":42646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[233,281,283],"class_list":["post-42648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nMozambique ex-finance minister Manuel Chang denied bail in New York, deemed a \u2018flight risk\u2019 - Mozambique<\/title>\n<meta name=\"description\" content=\"A U.S. federal judge ruled that Mozambique\u2019s former finance minister, Manuel Chang, must remain behind bars while awaiti ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mozambique ex-finance minister Manuel Chang denied bail in New York, deemed a \u2018flight risk\u2019\" \/>\n<meta property=\"og:description\" content=\"A U.S. federal judge ruled that Mozambique\u2019s former finance minister, Manuel Chang, must remain behind bars while awaiti ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-14T20:30:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-14T21:16:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/07\/sm_1689353136.837267.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"780\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mozambique ex-finance minister Manuel Chang denied bail in New York, deemed a \u2018flight risk\u2019\",\"datePublished\":\"2023-07-14T20:30:34+00:00\",\"dateModified\":\"2023-07-14T21:16:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk\"},\"wordCount\":527,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/07\/sm_1689353136.837267.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"community\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-ex-finance-minister-manuel-chang-denied-bail-in-new-york-deemed-a-flight-risk\",\"name\":\"Mozambique ex-finance minister Manuel Chang denied bail in New York, deemed a \u2018flight risk\u2019 - 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