Disir
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- Sep 30, 2011
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In December, the US Department of Justice indicted three former Credit Suisse bankers for their role in bringing Mozambique’s economy to its knees. State-owned entities drowning in billions of dollars in debt, bloated infrastructure projects, kickbacks paid into UAE bank accounts, and government guarantees imperilling the entire economy: if any of this sounds familiar, keep reading.
"50 million chickens."
This is how kickbacks, destined for Mozambican government officials, were described by one of the co-conspirators in an international corruption scandal that centred around a $2bn project to build shipyards and tuna trawlers in Mozambique.
Make no mistake though, the kickbacks would not be paid in poultry. Instead $50m in hard currency would be deposited into a series of bank accounts in the United Arab Emirates (UAE) and Spain.
This is according to the US Department of Justice which filed an indictment in December in a court in New York.
It was this indictment which led South African police to arrest Manuel Chang, the former finance minister of Mozambique, at OR Tambo International Airport on Sunday, December 30. Chang was on his way to Dubai when he was arrested, but is now waiting to hear if our courts will extradite him to the US.
Four days later, three former Credit Suisse bankers - Andrew Pearse (New Zealand), Surjan Singh (UK) and Deletina Subeva (Bulgaria) - were detained in London. They also face the prospect of being extradited to the US.
A fifth accused, Jean Boustani (Lebanon), was arrested as he tried to fly out of New York's JFK International Airport.
US investigators accuse the defendants of creating three separate shipping projects "as fronts to raise money to enrich themselves" to the tune of "at least $200m in bribes and kickbacks".
The banker bros who bankrupted Mozambique
I hope they nail these folks.
"50 million chickens."
This is how kickbacks, destined for Mozambican government officials, were described by one of the co-conspirators in an international corruption scandal that centred around a $2bn project to build shipyards and tuna trawlers in Mozambique.
Make no mistake though, the kickbacks would not be paid in poultry. Instead $50m in hard currency would be deposited into a series of bank accounts in the United Arab Emirates (UAE) and Spain.
This is according to the US Department of Justice which filed an indictment in December in a court in New York.
It was this indictment which led South African police to arrest Manuel Chang, the former finance minister of Mozambique, at OR Tambo International Airport on Sunday, December 30. Chang was on his way to Dubai when he was arrested, but is now waiting to hear if our courts will extradite him to the US.
Four days later, three former Credit Suisse bankers - Andrew Pearse (New Zealand), Surjan Singh (UK) and Deletina Subeva (Bulgaria) - were detained in London. They also face the prospect of being extradited to the US.
A fifth accused, Jean Boustani (Lebanon), was arrested as he tried to fly out of New York's JFK International Airport.
US investigators accuse the defendants of creating three separate shipping projects "as fronts to raise money to enrich themselves" to the tune of "at least $200m in bribes and kickbacks".
The banker bros who bankrupted Mozambique
I hope they nail these folks.
