March 7, 2019 / 10:06 PM / 4 months ago

U.S. indicts Mozambique's former finance minister over $2 billion loan scheme

FILE PHOTO: Mozambique's former finance minister Manuel Chang appears in court during an extradition hearing in Johannesburg, South Africa, January 8, 2019. REUTERS/Shafiek Tassiem/File Photo

WASHINGTON (Reuters) - The U.S. Justice Department indicted Mozambique’s former finance minister, along with eight executives, officials and investment bankers, over their alleged roles in a $2 billion fraud and money laundering scheme, the department said on Thursday.

The alleged co-conspirators arranged for more than $2 billion in loans intended to fund three maritime projects, but diverted more than $200 million in loan proceeds in bribe payments to former Finance Minister Manuel Chang and other officials and kickback payments to three investment bankers, the department said.

Reporting by Makini Brice; editing by Jonathan Oatis

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