Diamond Tycoon Beny Steinmetz has $1.85bn Assets Frozen by Court
March 08, 20
(IDEX Online) - Diamond billionaire Beny Steinmetz has had his assets frozen in an ongoing compensation row with the Brazilian mining giant Vale, according to a report in the Daily Telegraph newspaper.
His mining company Beny Steinmetz Group Resources (BSGR) is embroiled in a bitter and long-running compensation battle with Brazilian mining giant Vale over an ill-fated iron ore joint venture in the west African state of Guinea.
In the latest development Vale, one of the world's largest mining companies, has secured a court order against Mr Steinmetz, five executives who worked for BSGR, and two connected entities,
It requires them not to dispose of or reduce the value of assets worth $1.85bn, including a Benetti motor yacht and two Bombardier aircraft.
BSGR was ordered to pay a $1.25bn damages award after it was found liable by a UK court of fraudulent misrepresentation.
The company, which is now in administration, has appealed against the decision, made last April by the London Court of International Arbitration. The company and Mr Steinmetz, have always denied any wrongdoing.
The freezing order allows the 63-year-old Israeli tycoon to draw £25,000 a week living expenses.