Swiss Court Finds Israeli Billionaire Steinmetz Guilty of Bribery in Landmark Mining Case
A Geneva court has ruled Israeli businessman Beny Steinmitz and two associates as guilty for offering a 8.5 million dollar bribe in exchange for the rights to mine iron ore in Guinea
In one of the mining world’s most high-profile legal disputes, a Geneva court has ruled that Israeli businessman Beny Steinmetz is guilty of bribery, dealing him a five year prison sentence and a 50 million Frank fine, equivalent to $56.5 million USD, a verdict Steinmetz may appeal.
The prosecutor accused Steinmetz and two aides of paying, or having paid, $10 million in bribes to obtain exploration permits for the Simandou iron mine and of forging documents to cover it up through a web of shell companies and bank accounts. They deny the charges.