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MEDIA STATEMENT ON THE RECENT ARRESTS OF THE FORMER MINISTER OF FINANCE OF MOZAMBIQUE, MR MANUEL CHANG IN JOHANNESBURG AND THREE FORMER CREDIT SUISSE BANKERS IN LONDON IN CONNECTION WITH THE $2.3 BILLION ILLEGAL MOZAMBICAN DEBT

5 JANUARY 2019

BUDGET MONITORING FORUM (FMO)

MEDIA STATEMENT ON THE RECENT ARRESTS OF THE FORMER MINISTER OF FINANCE OF MOZAMBIQUE, MR MANUEL CHANG IN JOHANNESBURG AND THREE FORMER CREDIT SUISSE BANKERS IN LONDON 

IN CONNECTION WITH THE $2.3 BILLION ILLEGAL MOZAMBICAN DEBT

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The Budget Monitoring Forum (FMO) - a coalition of Mozambican civil society organisations working on public finance transparency and accountability –  has noted reports of arrest, at the request of US authorities, of former Minister Manuel Chang in Johannesburg on 29 December 2018. We further have recorded the arrests of three former Credit Suisse bankers in London on the 3 January 2018.

FMO believes that the US initiated process is an opportunity for Mozambicans to get full disclosure on the illegal debts and recover all costs incurred by the Mozambican fiscus as a result of illegal and immoral conduct by international bankers, contractors and their collaborators in Mozambique. FMO also expects that this is a beginning of a global process, which will culminate in holding - all responsible parties accountable for their respective roles in this crisis. We fully endorse the proposed criminal sanctions, as they will serve as a deterrent for corrupt activities in Mozambique and beyond.

Recent developments confirm our long standing position that the $2,3 Billion debt was illegal as it did violated the Mozambican legislation. We have further argued that the entire process around the illegal debt - including the relationships between international bankers, various contractors and beneficiaries was intended to conceal criminal activity including money laundering.  Click here to download the full statement

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