Court Battle: Steinmetz say Vale Knew of Bribery Claims
February 07, 22
(IDEX Online) - Diamond billionaire Beny Steinmetz is going head-to-head with Brazilian miner Vale in a British court over a vast iron ore deposit in Guinea.
Vale claims Steinmetz (pictured) and five associates linked to his company Beny Steinmetz Group Resources (BSGR) - now in administration - obtained rights to the Simandou mine using bribery, without their knowledge.
The companies had embarked on a joint venture to extract iron ore for steelmaking.
Steinmetz, 65, an Israeli citizen, was convicted by a Swiss court last February of paying $8.5m to an ex-wife of Guinea's former president to secure the rights.
Hie legal team is claiming Vale was aware of the allegations at the time, but chose to take the risk regardless.
"They are not the innocent victims of corruption," Justin Fenwick, Steinmetz's lawyer, told the High Court in London.
Vale counters that it "knew nothing of any such matters at the time" according to court documents cited by Bloomberg News.
The trial is expected to last for 12 weeks.
Pic courtesy www.beny-steinmetz.com