Mozambique Fraud Trial Begins as Voters Go to the Polls

The trial against one of the alleged ringleaders behind $2 billion in fraudulent loans to Mozambique kicked off in New York on Tuesday, the same day citizens of the southern African nation cast judgment at the ballot box on whether their government had done enough to hold accountable officials involved in the secret deals, The Wall Street Journal reported. Mozambique, one of the world’s poorest countries, plunged into a debilitating crisis after the loans were disclosed in 2016, following reporting by The Wall Street Journal. The loans, some of which hadn’t been disclosed to other investors or the public, were arranged by Credit Suisse Group AG and Russian bank VTB Group for naval and tuna-fishing projects that never materialized. The International Monetary Fund and other multilateral institutions suspended lending to the country after the disclosure. Read more