Son of Former President Jailed 12 Years for U.S.$2 Billion Hidden Loans: Mozambique
Ndambi Guebuza, the son of former president Armando Guebuza was found guilty alongside 10 other people including two intelligence service officials Gregorio Leao, the former head of the economic unit and Antonio do Rosario, who headed three state-owned firms that illicitly borrowed over $2.4 billion from international banks between 2013 and 2014 to purportedly develop the country's tuna fishing industry and buy surveillance vessels.
"The defendants tarnished the good image of the country abroad and in the international markets, with enduring and hard-to-repair effects...The crimes committed have brought consequences whose effects will last for generations" said justice Efigenio Baptista at Maputo City court during the trial that was broadcast live throughout. The judge said Ndambi has not shown any remorse for his role in the corruption scandal.
When the"hidden debt" came to light in 2016, the International Monetary Fund and other donors cut off financial support to Mozambique, triggering a sovereign debt default and currency collapse, pushing the country into the worst economic crisis in its history. Leao and do Rosario were found guilty of embezzlement and abuse of power, while Guebuza was convicted of embezzlement, money laundering and criminal association, among other charges.
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