Why the US is gunning for bankers who brought Mozambique's economy to its knees

Former Mozambican finance minister Manuel Chang. Picture: United Nations Photo

If US authorities take an interest you can be in real trouble!

Susan Comrie, amaBhungane Centre for Investigative Journalism

The US Department of Justice in December charged three former Credit Suisse bankers for their role in destroying Mozambique’s economy.

Ray White (in for Bruce Whitfield on The Money Show) interviewed Susan Comrie, an investigative journalist at the amaBhungane Centre for Investigative Journalism.

Comrie tells the story of state-owned companies drowning in debt, bloated infrastructure projects, bribes paid into United Arab Emirates bank accounts and government guarantees bringing an entire economy to its knees.

For South Africans, it sounds all too familiar.

The US Department of Justice indictment led to the arrest of Manuel Chang, the former Mozambican Finance Minister, at the airport in Johannesburg as he was about to make his way to Dubai.

The bankers - Andrew Pearse (New Zealand), Surjan Singh (UK) and Deletina Subeva (Bulgaria) – as well as a fifth accused - Jean Boustani (Lebanon) – have now also been arrested.

(Click here to read “The banker bros who bankrupted Mozambique” in Daily Maverick.)

Listen to White’s interview of Comrie in the audio below (and scroll down for more quotes from it).

US investigators have access to very damning emails.

Susan Comrie, amaBhungane Centre for Investigative Journalism

They didn’t simply look the other way… the allegations are that the bankers themselves took kickbacks…

Susan Comrie, amaBhungane Centre for Investigative Journalism

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This article first appeared on 702 : Why the US is gunning for bankers who brought Mozambique's economy to its knees


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