Document of the Day

Document of the Day: A $2 Billion Fraud in Mozambique?

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Here’s another fascinating look — through a recent US indictment — at the looting of Africa. This one involves alleged fraud tied to $2 billion in loans to state-owned companies in Mozambique, one of the world’s most indebted nations. Among the charges: conspiracy to violate U.S. anti-bribery law and to commit money laundering and securities fraud. Those state-owned firms are now reportedly bankrupt after defaulting on over $700 million in loan payments.