Israeli billionaire Beny Steinmetz has been handed a five-year sentence and a CHF50 million (almost $56.5 million) fine over suspected corrupt business practices in Guinea. Steinmetz was alleged to have paid bribes to secure mining rights in the African country at a fraction of their fair value. He had denied the charges. The trial has been one of the mining world’s most high-profile legal disputes. Yves Bertossa, Geneva’s chief prosecutor, succeeded in getting the verdict he wanted. Steinmetz will appeal the decision. The Geneva court also pronounced guilty verdicts on two other defendants linked to the corruption scandal: An African middleman was handed a three-year prison sentence and a CHF5 million fine while the administrative director of BSGR received a two-year suspended sentence and a CHF50,000 fine. In August 2019, prosecutors in Geneva charged Steinmetz with making illegal payments to government officials and of falsifying documents. Prosecutors say Steinmetz and...
