https://www.miningweekly.com

Steinmetz seeks to repair reputation with Swiss bribery appeal

29th August 2022

By: Bloomberg

  

Font size: - +

Israeli mining billionaire Beny Steinmetz will begin his battle this week to overturn his bribery conviction and repair a reputation tarnished by a landmark Swiss ruling that focused on an industry dogged by allegations of graft.

Steinmetz, who built his fortune as a diamond trader, will return to Geneva for the appeal which starts Monday. Over the course of the eight-day trial, his legal team will highlight what they say are fundamental mistakes Swiss judges made in misinterpreting how he won the rights to the Simandou iron-ore mine in Guinea.

Steinmetz, 66, was convicted in January 2021 of bribing public officials in Guinea to secure the concession for the vast mountain of ore worth billions of dollars, and was sentenced to five years in prison and ordered to pay a penalty of 50-million Swiss francs ($52-million). The initial trial took place in Geneva as Steinmetz lived there until 2016.

Steinmetz has faced intense scrutiny around the world as the subject of investigations in the U.S. and Israel, where he was briefly detained in 2016. He was held in Greece in December at the request of Romanian authorities following his conviction in Bucharest in 2020 in an unrelated case. Steinmetz is appealing that ruling and said his being detained in Greece was the result of miscommunication by Interpol.

More recently, however, a UK lawsuit between Vale and Beny Steinmetz over the rights to the Simandou mine collapsed in February when lawyers for the mining giant said that its allegations were too old to be tried by a London court.

Though he never served a day in a Swiss prison following his conviction because of a deal he negotiated with Swiss authorities in return for testifying in person, he’s vowed to clear his name and overturn the decision.

“The list of factual errors made by the criminal court is long,” Marc Comina, Steinmetz’s spokesman, said in a 15-page briefing prepared for his appeal. “These are not details but essential elements to the correct understanding of the events that unfolded.”

Because of these mistakes and a flawed thesis the court embraced Steinmetz has been depicted “as a man without scruples, an impostor, liar, corrupter and profiteer, a portrait that corresponds nothing with reality.”

A spokesman for the Geneva Prosecutor’s office which brought the case, declined to comment ahead of the trial which is scheduled to run until September 7.

Edited by Bloomberg

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION