The mining arm of Beny Steinmetz’s business empire secured the rights to one of the most prized assets in the natural resources industry through a bribery scheme, a US arbitration ruling has said.
The International Centre for the Settlement of Investment Disputes wrote there was “overwhelming evidence” that BSG Resources obtained the licences for the giant Simandou iron ore deposit in Guinea “through corrupt practices”.
While ICSID ultimately found it did not have jurisdiction over claims brought by BSGR and Guinea under the country’s mining code and a government infrastructure act, its comments come at a sensitive time for Steinmetz as he battles to overturn a Swiss corruption conviction.
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