Israeli businessman Beny Steinmetz’s corruption appeal to begin in Geneva

Author of the article: Reuters Clara Denina and Emma Farge A Geneva court will on Monday begin hearing the appeal of Israeli mining magnate Beny Steinmetz against his conviction for corruption and forgery over his pursuit of iron ore deposits in Africa, the court and one of his lawyers said. Steinmetz has consistently denied the…
Israeli businessman Beny Steinmetz’s corruption appeal to begin in Geneva

Author of the article:

Reuters

Clara Denina and Emma Farge

A Geneva court will on Monday begin hearing the appeal of Israeli mining magnate Beny Steinmetz against his conviction for corruption and forgery over his pursuit of iron ore deposits in Africa, the court and one of his lawyers said.

Steinmetz has consistently denied the charges for which he was sentenced to five years in jail and fined 50 million Swiss francs ($52 million) by a Swiss criminal court https://www.reuters.com/article/swiss-steinmetz-idAFL1N2JX1Q2 in 2021.

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

He filed an appeal and has not served any time in jail.

In its ruling, the court found Steinmetz and two others paid, or arranged payment, of $8.5 million in bribes between 2006 and 2012 to one of the wives of former Guinea president Lansana Conte, to obtain exploration permits for iron ore buried beneath the Simandou mountains.

Conte died in 2008. The Guinean government, which was by then a different administration, made no comment at the time of the ruling.

Central to Steinmetz’s defense was his assertion he was not involved in the day-to-day running of BSGR (Beny Steinmetz Group Resources), the mining arm of his businesses that went into administration in 2018.

Steinmetz, 66, a former Geneva resident who moved back to Israel in 2016 and has in the past been ranked as a billionaire, is expected to appear in court on Monday, one of his lawyers Daniel Kinzer from CMS von Erlach Partners, said in an email.

He is also represented by Christian Lüscher from the same law firm.

Kinzer said the two others found guilty with Steinmetz had also appealed against their conviction and their appeals would be heard with Steinmetz’s.

The court hearing is expected to last until Sept. 7, the Geneva criminal appeal court said in an email.

Simandou, in Guinea’s southeastern corner, is the largest known iron ore deposit of its kind, which analysts estimate holds more than 2 billion tonnes of high-grade ore, but legal disputes and the cost of building infrastructure mean it is untapped nearly three decades after its discovery. ($1 = 0.9619 Swiss francs) (Reporting by Clara Denina in London and Emma Farge in Geneva; additional reporting by Saliou Samb in Conakry; editing by Carmel Crimmins and Barbara Lewis)

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
World stocks slide as growth fears persist, safe-havens gain
Read More

World stocks slide as growth fears persist, safe-havens gain

Author of the article: NEW YORK — Global equities fell further on Thursday, unable to sustain a late rally on Wall Street, as investors dumped stocks on fears of sluggish growth and bought safe-haven assets such as government debt and the Swiss franc. Supply chain woes continued to fuel inflation and growth concerns as Cisco…
Oil rises to $82 as demand recovery seen on track
Read More

Oil rises to $82 as demand recovery seen on track

Author of the article: LONDON — Oil rose to around $82 a barrel on Tuesday, supported by tight supply and hopes that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery. OPEC supply additions are running below their allowed increase under a pact with allies due to…