Steinmetz Gets 5 Years In Swiss Mining Corruption Case

Law360 (January 22, 2021, 10:19 PM EST) -- Israeli billionaire Beny Steinmetz has received a five-year sentence for his role in bribing the fourth wife of the late former Guinean President Lansana Conté in exchange for mining rights in the West African nation, according to a Friday release from Geneva's criminal court.

Allegations of such bribery have come up in related litigation in recent years as Steinmetz, his companies and associates have faced arbitration and a lawsuit in England stemming from a botched 2010 joint venture with Brazilian mining company Vale SA to develop a massive iron-ore mine in the Republic of Guinea.

In addition to his incarceration sentence,...

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