A Mozambican court on Wednesday found a former president's son and 10 other people guilty on charges related to a $2 billion 'hidden debt' scandal that crashed the southern African nation's economy.
Ndambi Guebuza , the son of Mozambique's former President Armando Guebuza who was sentenced to 12 years in prison on charges relating to the $2 billion"hidden debts" case that rocked the country's economy listens to the verdict at Machava B Maximum Security Prison near Maputo, Mozambique December 7, 2022.
“Armando Ndambi Guebuza showed no remorse for committing the crime and he maintains that he has been targeted for political reasons,” Judge Efigenio Baptista of the Maputo City Court said. In 2016, Mozambique unveiled hefty state-backed borrowing it had previously failed to disclose to parliament or donors like the International Monetary Fund. The scandal prompted the IMF and other donors to cut off support, triggering a currency collapse and debt default.
Much of the money raised for the fishing project was diverted via kickbacks to bankers and Mozambique officials.
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