Page 60 - Simandou News Today

The Guinea mining scandal illustrates the ease with which officials can sell their nation’s treasure.

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CISA: Iron ore fundamentals to improve in 2021 The fundamentals of China’s iron ore market are expected to improve this year from 2020, the China Iron & Steel Association (CISA) predicted when summarizing China’s steel industry performance for 2020, elaborating that the country’s demand will ease probably on lower steel output, while supply may increase both from domestic and international miners because of capacity expansions and gradual recoveries in output from the adverse impact of th...

The fight against the corruption that casts a shadow over African mining took a step forward in Europe. It took a step back in the U.S. Beny Steinmetz, who made his fortune in diamond mining, was convicted in a Geneva court of bribing the wife of Lansana Conte, the deceased former president of Guinea, to secure the rights to the world’s […]

3 Min Read GENEVA (Reuters) - Israeli businessman Beny Steinmetz on Tuesday denied any role in corruption or forgery linked to mining rights his company secured in Guinea, describing himself as the owner and company ambassador but not the boss. FILE PHOTO: Israeli billionaire Beny Steinmetz arrives to a courthouse to defend himself against corruption and forgery charges in connection with mining contracts in Guinea, in Geneva, Switzerland January 11, 2021. REUTERS/Denis Balibouse Steinmetz was ...

To embed, copy and paste the code into your website or blog: This week I have been exploring and reviewing the Beny Steinmetz guilty verdict in a Swiss court over the weekend for bribery and corruption in the obtaining of mining rights in Guinea.  As reported by the BBC, the corruption was engaged in by the Beny Steinmetz Group (BSRG) which paid $2m to Mamadie Touré, wife of the then Guinean President, Lansana Conté, to help it secure rights to mineral deposits back in 2007. The corruption w...

Steinmetz sentence opens new front in war on mining corruption Israeli billionaire Beny Steinmetz has been at the centre of an international investigation into alleged bribery to win mining rights in Guinea. ( Switzerland took direct aim at the global mining industry when it sentenced Beny Steinmetz to five years for bribery. But it’s not clear if the Israeli billionaire will ever set foot in prison. Steinmetz’s conviction was hailed as a milestone in the fight against corruption in a secto...

Business & Human Rights Resource Centre Featured pages Featured pages Briefing Featured pages Featured pages Article Africa: Mineral wealth being used to enrich international players at the expense of development for ordinary Africans ‘How foreign operators exploit weak protections in Africa’s extractive sectors’ 26 January 2021 Former US president Donald Trump’s last minute controversial removal of sanctions against an Israeli businessman nam...

To embed, copy and paste the code into your website or blog: As reported by the BBC, Beny Steinmetz was found guilty, in a Swiss court over the weekend for bribery and corruption in the obtaining of mining rights in Guinea. Steinmetz is the founder and President of BSRG.  Yesterday, I detailed the contracts between BSRG and Mamadie Touré which purported to show the amounts of money paid, the schedule of payments and wiring instructions. Today we look at the allegations made at trial, the defe...

How a mining corruption trial could be a turning point for dodgy offshore companies A Geneva court handed Franco-Israeli billionaire Beny Steinmetz a five-year sentence and a CHF50 million (almost $56.5 million) fine over suspected corrupt business practices in Guinea. Stefan Wermuth/AFP More than seven years after his former Geneva home was searched, Franco-Israeli businessman Beny Steinmetz was sentenced last Friday to a five-year prison term on charges of corruption and document forgery in a...