Manuel Chang found guilty in a $2 billion bond fraud scheme that involved Credit Suisse and triggered a financial crisis for Mozambique.

Former Mozambique Finance Minister Manuel Chang was convicted on Thursday in a US court of fraud and money laundering related to a $2 billion bond fraud scandal that led to a financial crisis in the African nation. The federal jury in Brooklyn, New York, found Chang guilty of conspiring to commit wire fraud and money laundering, charges that carry up to 20 years in prison.

Chang’s conviction stems from his role in helping Mozambique secure fraudulent loans from Credit Suisse and Russia’s VTB Bank to finance questionable maritime projects. These included a tuna fishing fleet, shipyards, and anti-piracy boats. In exchange for guaranteeing the loans, Chang allegedly received $7 million in bribes from the shipbuilder Privinvest Group, funneled through employee Jean Boustani.

Prosecutors argued that Chang made a deliberate choice to accept bribes, prioritizing money over his official position. The case marks a significant moment in US efforts to combat international corruption and bribery. Chang’s defense lawyer, however, announced plans to appeal the verdict, claiming that the payments were made to someone else.