Former Finance Minister Convicted In U.S. Over $2Billion Fraud, Money Laundering
The conviction follows his involvement in a massive $2 billion scheme that defrauded investors globally. The trial, presided over by United States District Judge Nicholas G. Garaufis, lasted four weeks.
government: Proindicus S.A. (Proindicus), Empresa Moçambicana de Atum, S.A. (EMATUM), and Mozambique Asset Management (MAM).”
The attorney for the Eastern District of New York explained that the proceeds of the loans were intended to fund three maritime projects for which Privinvest was to provide equipment and services. Specifically, Proindicus was to conduct coastal surveillance, EMATUM was to engage in tuna fishing, and MAM was to build and maintain shipyards.
Meanwhile, Chang and his co-conspirators illegally facilitated Privinvest’s diversion of more than $200 million of the loan proceeds to bribes and kickbacks.
