FTI, Lord Malloch Brown to mount ‘vigorous’ defence against BSGR claims

Press relations agency FTI Consulting and Lord Mark Malloch Brown will defend themselves “vigorously” against claims including defamation and breach of contract made by Beny Steinmetz Group Resources (BSGR), a spokesman for the agency told Steel First on Thursday April 11.

Press relations agency FTI Consulting and Lord Mark Malloch Brown will defend themselves “vigorously” against claims including defamation and breach of contract made by Beny Steinmetz Group Resources (BSGR), a spokesman for the agency told Steel First on Thursday April 11.

BSGR, the mining arm of Israeli billionaire Beny Steinmetz’s business interests, said on Thursday that it had started legal proceedings against USA-based FTI and the agency’s former chairman, Lord Malloch Brown, who is also a former UN deputy secretary general.

FTI said that it had received news of BSGR’s claims against it from a journalist on Thursday morning.

“Once served on us, we intend to defend this claim vigorously,” an FTI spokesman said.

A spokesman for BSGR said that the mining company served the claim to FTI and Lord Malloch Brown’s lawyers before releasing details to the press.

Guernsey-incorporated BSGR has alleged that UK peer Lord Malloch Brown passed on confidential information about BSGR to billionaire financier and philanthropist George Soros.

Soros acts as an adviser to Guinean president Alpha Condé.

BSGR is also in the midst of a dispute with the Guinean government over its licence for blocks 1 and 2 of Simandou, one of the world’s largest untapped iron ore deposits.

Guinea is reviewing BSGR’s licence as part of sweeping mining reforms instituted by Condé, the country’s first democratically elected leader, to stamp out corruption in the mining sector.

The impoverished West African nation revealed its revamped mining code on April 8, cutting taxes and royalties in a bid to make the country more friendly to investors.

BSGR said in March that it intended to pursue legal action to defend its claim to its mining interests in Guinea.

Michelle Madsen
mmadsen@steelfirst.com
Twitter: @mmadsen_SF

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed