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French-Israeli tycoon’s corruption trial begins in Switzerland



Mr. Steinmetz’s business dealings have been investigated in several other countries, including the United States, Romania and Israel. After his team BSG Resources defeated the Australian mining company Rio Tinto in 2008 to obtain half of the iron ore mining rights in Guinea, his legal issues began. The company sold half of its shares to Brazilian mining giant Vale for $2.5 billion.

In 2014, after a review by the democratically elected President Alpha Condé, the Guinean government accused Steinmetz’s company of corruption and paid Ms. Touré millions of dollars through a representative. The U.S. Department of Justice also investigated the potential corruption of Steinmetz’s company, stating that some of the so-called payments were sent through Bank of America. He was briefly detained and interrogated by Israeli authorities in 201

6 and 2017.

Steinmetz’s company reached an agreement with the Guinean government in 2019 to abandon the project, but the group is still in legal disputes with Vale and Rio Tinto, the latter claiming that they are in the joint venture. In the loss.

Ms. Duparc of Public Eye called for a “public trial” of the practices of the entire mining group. The organization said in a statement that the allegations against BSG Resources prove that “tax havens can be used to hide suspicious and even illegal activities in countries with weak governance and regulations.”

Steinmetz’s family is in contact with President Trump’s son Jared Kushner. In 2017, The New York Times reported that a company invested by Mr. Steinmetz’s brother and long-term business partner Daniel and his son Raz had partnered with Kushner Companies to build dozens of apartment buildings near Manhattan and Jersey City.

Civil society organizations lobbied for proposals that would increase the responsibility of companies headquartered in Switzerland to carry out activities abroad. One such proposal made Swiss companies liable for human rights violations and environmental damage committed by their overseas subsidiaries, but the proposal failed in a referendum last year.


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