Early Life and Education
Manuel Chang was born on August 22, 1955, in Gaza Province, Mozambique. He pursued higher education at Universidade Eduardo Mondlane, where he earned a degree from the Faculty of Economics in 1985. Later, he continued his studies at the University of London, graduating in 1992 with a focus on economics.
Political Career
Manuel Chang is a member of the FRELIMO party, which has been a dominant political force in Mozambique. He was appointed as the Minister of Economy and Finance in February 2005, succeeding Luísa Diogo. During his tenure, which lasted until January 2015, he worked under President Armando Guebuza.
Debt Scandal
Manuel Chang time as Finance Minister was marred by a significant debt scandal. In 2013, three state-owned Mozambican companies—Proindicus, Ematum, and MAM—were established to manage the country's marine resources. A major contract was awarded to the Abu Dhabi-based company Privinvest, valued at $366 million, funded through IMF loans. The State Information and Security Service (SISE) requested these loans, but Manuel Chang approved their use in a way that was illegal under Mozambican law and kept the details hidden even from other cabinet members.
In 2016, the scandal became public when Mozambique defaulted on Eurobonds, revealing the extent of the undisclosed debts. Manuel Chang role in the scandal included confirming to Swiss bankers that the loan proceeds should go to a commercial broker instead of the Mozambique Central Bank, and guaranteeing loans that were not legally permitted.
Legal Issues and Extradition
Manuel Chang involvement in the scandal led to his arrest in South Africa in December 2018, based on a U.S. indictment. His extradition to the United States was complicated by a competing request from the Mozambican government, which sought his return to Mozambique. However, Mozambique withdrew its request in February 2020, and Manuel Chang was eventually extradited to the U.S. on July 12, 2023.
Trial
Manuel Chang trial in the United States began in July 2024, marking a significant chapter in the legal proceedings surrounding the Mozambican debt scandal.
FAQs
1. What is Manuel Chang age?
- Manuel Chang was born on August 22, 1955, making him 68 years old as of 2024.
2. What was Manuel Chang career before his arrest?
- Manuel Chang was an economist and served as the Minister of Economy and Finance of Mozambique from 2005 to 2015.
3. Where did Manuel Chang receive his education?
- Chang studied at Universidade Eduardo Mondlane, graduating from the Faculty of Economics in 1985, and later obtained a degree from the University of London in 1992.
4. What is Manuel Chang nationality?
- Manuel Chang is Mozambican.
5. Is Manuel Chang married?
- Manuel Chang is divorced.
6. What crime is Manuel Chang accused of?
- Manuel Chang is accused of involvement in a debt scandal, including approving illegal loans and diverting funds from state loans to a commercial broker instead of the Mozambique Central Bank.
7. When and where was Manuel Chang arrested?
- Manuel Chang was arrested in South Africa in December 2018.
8. Why was Manuel Chang extradition delayed?
- His extradition was delayed due to a competing request from the Mozambican government, which sought his return to Mozambique.
9. When was Manuel Chang extradited to the United States?
- Manuel Chang was extradited to the United States on July 12, 2023.
10. When did Manuel Chang trial begin?
- Manuel Chang trial in the United States began in July 2024.
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