US, SA cooperation sees former Mozambique FM in Jozi jail – The Wall Street Journal

DUBLIN — The US has had it with Western banks' corrupt collusion with emerging market politicians. The US has a series of laws that make it illegal for US companies or businesspeople to engage in corrupt practices, such as paying bribes, outside of the US. Lately, after a spate of corruption cases involving international investment banks, the US is trying a new tactic: arresting individuals instead of fining institutions. In the latest example of this, the US worked with authorities in South Africa to arrest former Mozambique finance minister Manuel Chang on charges of alleged involvement in a $2bn corruption scheme in Mozambique. Chang reportedly found himself in a cosy cell in Joburg with 20 other prisoners – he apparently paid a gang leader to endure his safety. Other targets include Lebanese businessman Jean Boustani, arrested in the Dominican Republic, and three former Credit Suisse bankers, arrested in London. The increase in cases of global bankers helping politicians and business leaders in poor countries steal from citizens over recent years is a sign of how much more integrated the world has become. The efforts by British and US authorities to hold malefactors personally responsible is a positive development for all of us. – Felicity Duncan

US Casts Global Dragnet in Mozambique Corruption Probe

By Matt Wirz, Gabriele Steinhauser and Thandi Ntoleba

Mozambique's former Finance Minister Manuel Chang boarded a plane two weeks ago, planning to celebrate New Year's Eve with his girlfriend in Dubai. Instead, he was arrested during a layover in South Africa and spent the holiday in a crowded Pretoria holding cell, awaiting potential extradition to the U.S.

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