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BSRG in Guinea: Part 4 – Lessons Learned | Thomas Fox

To embed, copy and paste the code into your website or blog: This week I have been exploring and reviewing the Beny Steinmetz guilty verdict in a Swiss court for bribery and corruption in the obtaining of mining rights in Guinea.  As reported by the BBC, the corruption was engaged in by the Beny Steinmetz Group (BSRG) which paid $2m to Mamadie Touré, fourth wife of the then Guinean President, Lansana Conté, to help it secure rights to mineral deposits back in 2007. The corruption was memorialized in contracts which specified for BSRG to make payments and transfer shares in the mine to her. To monetize those rights BSRG then sold 51% of the mining rights to the Brazilian company Vale for some $2 billion. Today I want to conclude with some lessons learned for the compliance professional in this sordid tale.

Germany
Guinea
Switzerland
Lansana
Dinguiraye
Brazil
Brazilian
Guinean
German
Swiss
Ulrich-grillo
Frederick-cilnis

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