Saturday 25th May 2019
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Comsure operates in:the UK, Jersey, Guernsey

3 Former Mozambican PEPs and 5 Business Executives Indicted in Alleged $2 Billion Fraud and Money Laundering Scheme

BROOKLYN, NY – An indictment was unsealed on March 4, 2019, charging Najib Allam, an executive of the Privinvest family of maritime services companies, and Teofilo Nhangumele and Antonio do Rosario, former Mozambican government officials, for their roles in a $2 billion fraud and money laundering scheme that victimized investors in the United States and around the world.

The indictment was previously unsealed on January 3, 2019, as to co-defendants Jean Boustani, a Privinvest executive, Manuel Chang, the former Finance Minister of Mozambique, and Andrew Pearse, Surjan Singh and Detelina Subeva, former high-ranking investment bankers at an international investment bank (the Investment Bank).

Each defendant is charged with wire fraud conspiracy and money laundering conspiracy. Also, Boustani, Allam, Chang, do Rosario, Pearse, Singh and Subeva are charged with securities fraud conspiracy.

Pearse, Singh and Subeva are also charged with conspiracy to violate the anti-bribery and internal controls provisions of the Foreign Corrupt Practices Act (FCPA).

 

Read more here – https://bit.ly/2SPFz8n


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