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Israeli Mining Tycoon Steinmetz in Swiss Trial Over Guinea Deal

A criminal court in Geneva has begun hearing charges of corruption and document forgery against the French-Israeli businessman Beny Steinmetz over the securing of lucrative mining deals in Guinea, the latest chapter in a decade-long international investigation. The businessman and two others are accused of paying Mamadie Toure, the widow of Guinea's former president Lansana Conte at least U.S.$8.5 million to help secure the mining rights. Prosecutors also allege that they used forgery to create a complex web of shell companies and share structures to hide the payments. Despite its vast natural resources, Guinea remains one of the poorest countries in Africa, and has gained little from the Simandou iron ore riches.

Guinea: Corruption Trial of Israeli Billionaire Begins in Switzerland

Public Eye, 13 January 2021

Today, a historic trial is starting in Calvin’s city. Israeli billionaire Beny Steinmetz faces charges of "corruption of foreign public officials" and "document forgery" with… Read more »
West Africa: Swiss Put Billionaire On Trial, Alleging Mining Corruption in Guinea

International Consortium of Investigative Journalists, 11 January 2021

Swiss prosecutors allege that the Israeli billionaire and business associates bribed a wife of the former Guinean president to obtain lucrative mining rights. Read more »
Liberia: Jobs, Revenue Delayed As Company to Transport Iron Ore Through Liberia From Guinea Faces Litigation

FrontPageAfrica, 16 April 2019

Liberia stands to benefit a big deal from the use of its railway through the transportation of mineral resources from neighboring Guinea through Liberia for export, but ongoing… Read more »
Africa: Why Mining Is Hard to Tax

AfricaFocus, 12 November 2018

"In Africa as elsewhere in the world, while energy companies might be somewhat undertaxed, mining companies typically are greatly under-taxed. Indeed, it is only a slight… Read more »
Africa: Guinea's Bribery Saga Reaches New Peaks

Global Witness, 1 March 2017

Lurid bribery revelations led the government of Guinea to confiscate world-beating iron ore reserves from junior mining company BSG Resources in 2014. So when bitter rival Rio… Read more »