First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

S. Africa Court Delays Hearing on Mozambique Ex-Finance...

Newsdeck

Newsdeck

S. Africa Court Delays Hearing on Mozambique Ex-Finance Minister

Manuel Chang, the former finance minister of Mozambique. (YouTube screengrab)
By Bloomberg
08 Jan 2019 0

A South African court postponed a hearing into a U.S. request to extradite former Mozambican Finance Minister Manuel Chang.

The matter was postponed until Wednesday to allow prosecutors to prepare their submissions, Kempton Park Magistrate Sagra Subroyen said in Johannesburg on Tuesday.

Chang was arrested Dec. 29 in South Africa on charges related to debt deals totaling $2 billion that led to a default by Mozambique in 2017. He’s said he’ll fight extradition to the U.S.

Three former Credit Suisse Group AG bankers were charged in New York last week with defrauding U.S. investors after helping arrange hidden loans to Mozambique. The bank, which wasn’t named as a defendant in that indictment, said it was deceived by its own staff.

Chang signed papers on behalf of the government of Mozambique to guarantee the debts if the projects didn’t pay off, according to a U.S. Department of Justice indictment. Chang served as finance minister when Mozambique took on the foreign debt in 2013 and 2014 to finance a tuna-fishing fleet and maritime-surveillance project.

Gallery

Please peer review 3 community comments before your comment can be posted