Chang’s arrest has ‘nothing to do with secret borrowing’

Reports from Mozambique say the arrest of former Finance Minister, Manuel Chang, in South Africa has nothing to do with a secret borrowing saga in Mozambique when Chang was Finance Minister in 2013 and 2014.

Mozambique’s Treasury had, at the time, guaranteed two billion dollars in secret borrowing by state-owned firms, prompting foreign donors, including the International Monetary Fund, to cut off support.

Chang has been nabbed at the request of the United States.

Police Spokesperson Vish Naidoo says Chang was arrested in Johannesburg.

Mozambique’s state news agency says Chang is wanted in the US on charges of conspiracy to commit wire fraud, conspiracy to commit securities fraud and money laundering.