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Mozambique Ex-President’s Son Sentenced To 12-years Imprisonment For Corruption
By on December 7th, 2022. News
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The judge found him guilty of embezzlement, money laundering and criminal association, in a scandal that arose after state-owned companies in the impoverished country illicitly borrowed $2 billion between 2013 and 2014.

Ndambi

Ndambi Guebuza

Ndambi Guebuza, the son of Mozambique’s ex-president Armando Guebuza has bagged a 12-year jail term after he was found guilty on Wednesday, December 12, of a vast corruption scandal in which the government unleashed financial havoc by trying to conceal huge debts.

“The crimes committed have brought consequences whose effects will last for generations,
” said Judge Efigenio Baptista who found Ndambi Guebuza guilty of embezzlement, money laundering and criminal association, in a scandal that arose after state-owned companies in the impoverished country illicitly borrowed $2 billion between 2013 and 2014.

The scandal arose after state-owned companies in the impoverished country illicitly borrowed $2 billion (1.9 billion euros) in 2013 and 2014 from international banks to buy a tuna-fishing fleet and surveillance vessels.

The government masked the loans from parliament and the public.

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When the “hidden debt” finally surfaced in 2016, the International Monetary Fund (IMF) and other donors cut off financial support, triggering a sovereign debt default and currency collapse.

An independent audit found $500 million of the loans had been diverted. The money remains unaccounted for.


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