Swiss police raid Geneva home of Beny Steinmetz

Swiss police have raided the Geneva home of Israeli diamond billionaire Beny Steinmetz in connection with an international investigation into mining rights corruption in Guinea, West Africa.

Swiss police have raided the Geneva home of Israeli diamond billionaire Beny Steinmetz in connection with an international investigation into mining rights corruption in Guinea, West Africa.

The raid took place on August 30, the day after Swiss and French police raided offices in Geneva belonging to Steinmetz-linked company Onyx Financial Advisers, a source close to the investigation told Metal Bulletin sister publication Steel First.

Steinmetz is understood to not have been at the address, located close to Lake Geneva, at the time of the raid.

No documents were removed from the property as part of the raid, Steel First understands.

Henri della Casa, spokesman for the Swiss prosecutor’s office could not be reached for comment at the time of publication.

Steinmetz-linked companies are now under investigation in six different jurisdictions in connection with allegations of fraud and corruption.

Justice departments in Guernsey, the UK, Switzerland, France, the USA and Guinea are investigating Steinmetz-linked companies in connection with allegations of mining licence fraud in Guinea, .

BSG Resources is the mining division of a diversified group of companies with interests in diamonds, real estate and finance, which all bear Beny Steinmetz’s name.

Last year, the government of Guinea launched an investigation into BSG Resources relating to its acquisition of rights to mine Simandou, one of the world’s largest untapped reserves of iron ore.

BSG resources acquired its Simandou concession from military dictator Lansana Conte in 2008, weeks before the late Guinean leader’s death. The mining company then sold on half its concession to Brazilian mining major Vale in 2010 for $2.5 billion.

BSG Resources has strongly denied any wrongdoing in relation to the company’s acquisition of its Simandou licence.

A BSG Resources spokesman declined to comment on the raid.

Michelle Madsen
mmadsen@steelfirst.com
Twitter: @mmadsen_SF

What to read next
Any bolstering effect on US ferrous scrap exports from the up-month in February’s domestic trade will be tempered in the immediate aftermath of two earthquakes in Turkey — the country’s largest importing region — on Monday, February 6
Steel trading and production have come to a halt in the eastern Turkish region of Iskenderun following a devastating earthquake that hit the region on Monday February 6 and put mills in the area under force majeure, sources told Fastmarkets on Tuesday
A 120-day closure of four Illinois dams scheduled for 2023 will disrupt barge shipments and have potentially both negative and positive impacts on scrap and finished steel products from Canada to Texas
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed