The loans were to develop the African nation's fishing industry.

Jurors found Manuel Chang guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering in the "tuna bonds" case, following a three-week trial in federal court in Brooklyn, New York.

Chang plans to appeal the verdict, defence lawyer Adam Ford told reporters outside the courtroom.

Prosecutors said shipbuilding firm Privinvest paid Chang $7 million in bribes in exchange for approving a Mozambique government guarantee for loans to three state companies to develop the African nation's fishing industry and improve maritime security.

The loans came from Credit Suisse and Russian bank VTB.

--Reuters--