Sunday 28 February 2021

Israeli businessman Beny Steinmetz is found guilty of corruption in Switzerland

Israeli businessman Beny Steinmetz has been found guilty of corruption in Switzerland in a dispute over the world's richest untapped deposits of iron ore.

Steinmetz, who made his name in the diamond business, was indicted in August 2019 by a Geneva prosecutor over deposits at the Simandou mine in Guinea.


On Friday, judges found him guilty of corrupting foreign agents and forging documents, sentencing him to five years in jail and a fine of $56million.


Steinmetz and two aides had been accused of paying, or having paid, $10 million in bribes to obtain exploration permits for Simandou and of forging documents to cover it up through a web of shell companies and bank accounts.



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