Zhang is scheduled to appear before US District Judge Nicholas Jarrovis in Brooklyn on Thursday, according to the judge’s calendar.
The US charges relate to loans obtained from Credit Suisse and Russia’s VTB Bank that were guaranteed by the government of Mozambique and signed by Zhang during his tenure as Finance Minister from 2005-2015.
Hundreds of millions of dollars in funds were lost, and the projects he loaned were ostensibly for failure to keep their promises. US authorities say the borrowing was fraudulent and that the projects, which include tuna fishing, shipyard development and maritime security, are a front for a bribery and kickback scheme.
When the full extent of the borrowing was revealed in 2016, it prompted donors including the International Monetary Fund to cut support to Mozambique and led to a currency crash and debt defaults.
Reuters