What is the significance of South Africa handing Mozambique's past finance minister to US for trial?

South Africa's decision to hand over Manuel Chang, Mozambique's former finance minister, to the US for trial is significant as it reignites one of Africa's biggest corruption cases related to the $2 billion "tuna bonds" scandal. Chang lost a battle against US extradition in May after being arrested in Johannesburg almost five years ago on US fraud charges. The scandal involved the looting of hundreds of millions of dollars from loans that Chang approved for issuance in 2013, which were intended for maritime projects, including a state tuna fishing fleet. These loans devastated Mozambique's economy and led to the country defaulting on its sovereign debt.

The handover of Chang to the US allows for the most important foreign trial in this long-running saga. It could potentially embarrass Mozambique's governing Frelimo party, as they unsuccessfully sought to have Chang extradited back to Mozambique. The extradition sends a strong message to the elites involved in undermining Mozambique's development. It is hoped that Chang will provide information during the trial, revealing who gave the orders and the whereabouts of the missing funds, as approximately half a billion dollars remains unaccounted for.

Chang has consistently denied any wrongdoing, and his US lawyers have indicated they will seek to dismiss the case in New York due to the extended time it has taken for the trial to commence. The "tuna bonds" scandal resulted in significant financial losses for Mozambique, with estimates suggesting it cost the country $11 billion or the equivalent of its entire gross domestic product in 2016.

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