Three state-owned Mozambique 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.[4] 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.[5] The loans for this and other marine projects were requested by State Information and Security Service (SISE).[6] 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.[7] Chang guaranteed loans, that were illegal under Mozambique law, and kept these loans secret even from other cabinet members.[8] 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.[5][6][9]
Chang was arrested in December 2018 in South Africa for his part in diverting loan funds, based upon an indictment in the United States.[5] His extradition to the U.S. was delayed when the government of Mozambique also filed a competing request for extradition.[10] However, in February 2020 Mozambique withdrew its request,[10] and Chang was extradited to the United States on July 12, 2023.[11] The trial against him began in July 2024.[12] On August 8, 2024, a federal jury convicted him of conspiracy to commit wire fraud and conspiracy to commit money laundering for his role in a $2 billion fraud, bribery and money laundering scheme that enabled investments in the United States and elsewhere.[13] On 17 January 2025, Chang was sentenced to 8.5 years' imprisonment.[14]
