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In a stunning verdict, a federal jury in New York has convicted former Mozambican Finance Minister Manuel Chang in a massive bribery conspiracy linked to the infamous “tuna bond” scandal. The case has exposed one of the most shocking financial frauds to hit a developing nation, plunging Mozambique into a devastating economic crisis.

Chang was found guilty of accepting $7 million in bribes to facilitate a series of secretive loans that saddled Mozambique with $2 billion in hidden debt. These loans, intended to fund ambitious maritime projects, were instead funneled into a web of kickbacks and corruption that crippled the country’s economy.

Between 2013 and 2016, three government-controlled companies in Mozambique quietly secured $2 billion in loans from international banks. The funds were meant to finance a tuna fishing fleet, shipyard facilities, Coast Guard vessels, and radar systems to safeguard natural gas fields off Mozambique’s Indian Ocean coast. But prosecutors revealed that much of the money was siphoned off through bribes and illicit payments, leaving one of the world’s poorest nations burdened with debt.

The scandal broke in 2016 when the public first learned of the hidden $2 billion debt — an amount equivalent to 12% of Mozambique’s gross domestic product at the time. The fallout was catastrophic: Mozambique’s economic growth halted, inflation skyrocketed, the currency plummeted in value, and international aid and investment dried up. As a result, nearly two million Mozambicans were thrust into poverty, with the government forced to cut essential services.

Chang, who had served as Mozambique’s Finance Minister, played a pivotal role in the scandal. He signed guarantees that the government would repay the loans, a crucial step that convinced international lenders to back the newly established companies. These assurances, prosecutors argued, were made in exchange for bribes that were routed through U.S. banks to European accounts held by an associate.

The former minister’s arrest at Johannesburg’s main international airport in 2018 marked the beginning of his downfall. After years of legal battles to avoid extradition from South Africa, Chang was finally brought to the United States last year to face charges. His conviction is a significant victory for U.S. prosecutors and a stark reminder of the far-reaching consequences of corruption at the highest levels of government.

As Mozambique continues to recover from the economic damage wrought by the tuna bond scandal, the conviction of Manuel Chang sends a powerful message about accountability in the face of global financial misconduct. The scandal that rocked a nation and plunged millions into poverty has now claimed its most prominent figure, bringing a measure of justice to the people of Mozambique.