{"id":162120,"date":"2021-01-25T17:04:33","date_gmt":"2021-01-25T21:04:33","guid":{"rendered":"https:\/\/africaglobalnews.com\/israeli-tycoon-corrupted-leaders-of-guinea\/"},"modified":"2021-01-25T17:04:33","modified_gmt":"2021-01-25T21:04:33","slug":"israeli-tycoon-corrupted-leaders-of-guinea","status":"publish","type":"post","link":"https:\/\/africaglobalnews.com\/website_b1ce9d46\/israeli-tycoon-corrupted-leaders-of-guinea\/","title":{"rendered":"Israeli tycoon bribed leaders of Guinea"},"content":{"rendered":"\n<p class=\"MsoNoSpacing\">(AGN) &#8211; The gavel came down this week on billionaire tycoon Beny Steinmetz who, the court ruled, bribed government officials in Guinea, West Africa, to enrich himself and his mining company with valuable assets of the African country.<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">The ruling caps a seven year investigation into the shady and complex world of corrupt practices employed with near impunity by foreign corporations which harm poor people in resource-rich countries.<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">Steinmetz, whose case was heard by a Swiss criminal court, was sentenced to 3-1\/2 years in jail and a two-year suspended sentence, plus a fine of US$56.4 million.<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">Lawyers, bankers and professional advisers in Europe and the United States provided services that enabled the corruption, Swiss officials alleged, citing Wells Fargo Bank in Florida and Philadelphia, <a href=\"https:\/\/www.jpmorgan.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">JPMorgan<\/a> in London, attorneys in Manhattan and Florida, a Swiss wealth manager and the Panamanian law firm Mossack Fonseca, but these were not charged.<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">The Swiss-based human rights watchdog Public Eye applauded the decision: \u201cThis conviction of a high-profile business figure not only sends a strong signal to the commodities\u2019 sector as a whole, but also demonstrates the vital need for Switzerland to finally remedy the legal loopholes that allow such predatory practices. \u201c<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">\u201cPublic Eye commends the determination of the Geneva court, which refused to be fooled by the smoke and mirrors and evasion tactics of the defense team, no matter how slick.\u201d<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">\u201cThe Simandou case is of enormous importance,\u201d said Daniel Balint-Kurti, a London-based freelance journalist who spent years investigating the case. \u201cSkilled practitioners of the legal, financial and PR arts are central to enabling corrupt deals.\u201d<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">Steinmetz said he would appeal the verdict, calling it \u201ca big injustice.\u201d<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">According to the indictment, Steinmetz and two others allegedly paid or arranged payment of $10 million in bribes to the fourth wife of the late President Lansana Conte to obtain mining licenses for the Simandou mine, one of the largest iron ore deposits in the world and of forging documents to cover it up through a web of shell companies and bank accounts.<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">At trial, Steinmetz told the Geneva court that the $5 billion valuation for the mineral site that he obtained for less than $200 million was part of the industry\u2019s reward for risk-taking.<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">\u201cIf a business takes a risk, it\u2019s normal that it\u2019s compensated,\u201d Steinmetz said during the trial. The project represented \u201ca dream for Guinea,\u201d but one that for him turned into a nightmare.<\/p>\n\n\n\n<p class=\"MsoNoSpacing\">Judge Banna took square aim at that in her closing remarks. For a profit of billions from an initial investment of $160 million, she said, \u201cfrom just that single fact is evidence of corruption.\u201d<\/p>\n\n\n\n<p><strong><em>By Lisa Vives<\/em><\/strong> <\/p>\n\n\n\n<p><strong><a href=\"https:\/\/africaglobalnews.com\/\">Africa Global News<\/a> Publication <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(AGN) &#8211; The gavel came down this week on billionaire tycoon Beny Steinmetz who, the court ruled, bribed government officials in Guinea, West Africa, to enrich himself and his mining company with valuable assets of the African country. The ruling caps a seven year investigation into the shady and complex world of corrupt practices employed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":162375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"tdm_status":"","tdm_grid_status":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[],"class_list":{"0":"post-162120","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Israeli tycoon bribed leaders of Guinea - Africa Global News<\/title>\n<meta name=\"description\" content=\"The gavel came down this week on billionaire tycoon Beny Steinmetz who, the court ruled, bribed government officials in Guinea...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/africaglobalnews.com\/website_b1ce9d46\/israeli-tycoon-corrupted-leaders-of-guinea\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Israeli tycoon bribed leaders of Guinea - 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