Menu Click here
website logo
Sign In| Sign Up
back back
Diamond trading
Search for Diamonds Manage Listings IDEX Onsite
diamond prices
Real Time Prices Diamond Index Price Report
news & research
Newsroom IDEX Research Memo Search News & Archives RSS Feeds
back back
Diamond trading
Search for Diamonds Manage Listings IDEX Onsite
diamond prices
Real Time Prices Diamond Index Price Report
news & research
Newsroom IDEX Research Memo Search News & Archives RSS Feeds
back back
MY IDEX
My Bids & Asks My Purchases My Sales Manage Listings IDEX Onsite Company Information Branches Information Personal Information
Logout
Newsroom Full Article

Steinmetz in Court over "Jackpot" Deal with Guinea Government

January 12, 21 by John Jeffay

(IDEX Online) - Diamond billionaire Beny Steinmetz allegedly paid $10m in bribes to secure rights to iron ore deposits, a Swiss court heard.

The deal that his his company BSGR struck with Guinea, one of Africa's poorest countries, in 2008 was described as winning the "jackpot".

He paid around $160m for the exploration and mining rights, then sold half of them to Vale, the Brazilian multinational mining company, for $2.5bn. 
 
Guinea is believed to have the world's largest untapped reserves of iron ore.

In 2014 BSGR was stripped of its remaining mining rights, amid claims by the Guinea government of corruption -  claims that the company denied.

The prosecution also claims Mamadie Toure, widow of Guinea's former president Lansana Conte, acted corruptly.

Steinmetz, 64, an Israeli national (pictured), denies any wrongdoing.  He is in Geneva for the two-week trial and faces 10 years in prison if convicted. 

Last month Steinmetz was handed a five-year jail term by a court in Romania after he was convicted of a land deal fraud involving Prince Paul-Philippe, grandson of the country's former king.  He intends to appeal.

Diamond Index
Related Articles

Steinmetz Company Faces $288m Damages Case in Sierra Leone

August 19, 20 by John Jeffay

Read More...

Diamond Billionaire Steinmetz Sentenced to Five Years for Land Fraud

December 20, 20 by John Jeffay

Read More...

Newsletter

The Newsletter offers a quick summary of the past week's industry news and full articles.
Our Services About IDEX Privacy & Security Terms & Conditions Sign-Up Advertise on IDEX Industry Links Contact Us
IDEX on Facebook IDEX on LinkedIn IDEX on Twitter