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Supported

The cited record supports the material proposition.

A Brooklyn federal jury acquitted Privinvest's lead salesman Jean Boustani on all counts in December 2019.

About
Privinvest Group
Claim made by
Daily Maverick, press report
Published
3 December 2019
Original
Salesman cleared in $2-billion Mozambican scam in blow to U.S.
Evidence score
80 How it was scored
Last reviewed
25 October 2026

Why this label

The 2019 indictment charged Jean Boustani, the lead salesperson for Privinvest, with wire fraud conspiracy and money laundering conspiracyS3. After a trial in federal court in Brooklyn a jury found him not guilty on all three conspiracy counts on 2 December 2019S8. The acquittal is a final criminal outcome for Boustani. It stands apart from Chang's later convictionS1 and from the civil findings against the Privinvest entities in LondonS4. The acquittal did not resolve the company's civil liability. The claim that the jury acquitted Boustani on all counts matches the record.

Current procedural position

Jean Boustani acquitted on all three conspiracy counts by an EDNY jury on 2 December 2019, a final criminal outcomeS8. He had been charged under the indictment unsealed in 2019S3.

Record supporting the assessment

was found not guilty Monday on all three conspiracy counts against him
S8 Tier C Daily Maverick (Bloomberg wire), Salesman cleared in $2-billion Mozambican scam in blow to U.S., 3 December 2019
illegally facilitated Privinvest's criminal diversion of more than $200 million of the proceeds of the loans
S3 Tier A US Attorney's Office, Eastern District of New York, Three Former Mozambican Government Officials and Five Business Executives Indicted, 7 March 2019

Conflicting or limiting record

No record located that conflicts with this assessment.

Evidence score: 80 of 100

The score grades how well the record establishes this assessment. It is not a score of Privinvest Group. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.

ComponentPointsMaxReason
Source authorityIs the source competent to establish the proposition?2230A bylined wire report of a jury verdict is reliable, but a court record would rank higher.
DirectnessDoes the source state the proposition or only discuss adjacent facts?1820The report states the acquittal on all counts in plain words.
CorroborationDo independent records support the same material point?1115The DOJ indictment confirms the counts Boustani facedS3.
Procedural accuracyDoes the record settle the procedural state the claim describes?1315An acquittal is a final outcome.
CurrencyHas the record been checked against later developments?810No later development reverses a criminal acquittal.
ReproducibilityCan a reader locate the passage and repeat the assessment?810The report is public, the sealed verdict sheet is not online.
Total80100

Timeline

  1. Indictment unsealed charging Boustani and othersS3
  2. Brooklyn jury acquits Boustani on all three countsS8

Related cases

  • United States v. Jean Boustani, Manuel Chang and othersUS District Court for the Eastern District of New York. Criminal. 18-CR-681 (EDNY).Stage: Boustani acquitted in 2019. Chang convicted in 2024 and sentenced in 2025. Outcomes differ per defendant
    • Jury convicts Manuel Chang on both conspiracy countsS1
    • Chang sentenced to 102 months with US$7 million forfeitureS2

Revision history

  • Assessment first published with label Supported.

Have a record that changes this assessment? See corrections and responses.

Sources

  1. S8Tier C Salesman cleared in $2-billion Mozambican scam in blow to U.S.Daily Maverick (Bloomberg wire). Press report. 3 December 2019.Reports the Brooklyn jury acquittal of Boustani on all three counts. Press report of a sealed verdict.
  2. S3Tier A Three Former Mozambican Government Officials and Five Business Executives IndictedUS Attorney's Office, Eastern District of New York. Indictment. 7 March 2019.Supports the charges against Boustani and others and Privinvest's named role. An indictment is an allegation, not a finding.
  3. S1Tier A Former Finance Minister of Mozambique Convicted of Fraud and Money Laundering in $2 Billion SchemeUS Attorney's Office, Eastern District of New York. Regulator press release. 8 August 2024.Supports Chang's conviction, the Privinvest role and the bribe figures. It does not convict the company or Boustani.
  4. S2Tier A Former Finance Minister of Mozambique Sentenced to 102 Months' Imprisonment for His Role in $2 Billion SchemeUS Attorney's Office, Eastern District of New York. Regulator press release. 17 January 2025.Supports the 102 month sentence and the US$7 million forfeiture. Restitution was left for a later date.
  5. S4Tier A The Republic of Mozambique v Credit Suisse International and others [2024] EWHC 1957 (Comm)High Court of Justice, Commercial Court (National Archives). Court judgment. 29 July 2024.Records payments by Privinvest Shipbuilding SAL accepted by the group and Safa, and Safa's death after trial. We did not read every concluding paragraph.Link working, checked 25 October 2026

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