Mozambique's Tuna Bond Scandal: Former Finance Minister Sentenced

Former Mozambique finance minister Manuel Chang received an 8.5-year prison sentence for his role in a $2 billion fraud involving state loans. Convicted of conspiracy in the 'tuna bonds' case, Chang faces deportation after serving roughly 2.5 years in U.S. prison, with appeals expected.

Manuel Chang, the former finance minister of Mozambique, has been sentenced to eight and a half years in prison. The sentence follows his conviction for involvement in a $2 billion fraud scheme involving loans to develop Mozambique's fishing industry, known as the 'tuna bonds' case.

The sentencing was handed down by U.S. District Judge Nicholas Garaufis in Brooklyn. The fraud involved bribery and the misuse of loan funds, contributing to Mozambique's financial crises and strained relations with international donors like the International Monetary Fund.

Chang has already spent six years in custody, which may reduce his prison term to just over two years before he's deported to Mozambique. Despite the conviction, Chang's legal team plans to appeal, claiming he acted under political pressure.

(With inputs from agencies.)