Mozambique President Filipe Nyusi has sacked the country’s deputy finance minister, who has been implicated in a widening scandal over alleged fraudulent government loans totalling $2 billion. But she was the national treasury director when she signed guarantees in 2013 and 2014 for the loans to three state-owned security companies. The US alleges that at least $200 million was spent on bribes and kickbacks, including $12 million for former finance minister Manuel Chang, who also signed off on the debt guarantees. Chang was arrested in South Africa in December on a US extradition request for his alleged involvement in the loans. Seven suspects including Mozambicans and ex-Credit Suisse bankers are accused by the US of fraud, conspiracy to financial security fraud, conspiracy to launder money.

Source: Punch February 07, 2019 16:41 UTC