ZURICH (Reuters) - Credit Suisse on Sunday rejected a claim by Russian businessman Vitaly Malkin for 500 million francs ($515.62 million) he linked to.
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As reported by the BBC, Beny Steinmetz was found guilty, in a Swiss court over the weekend for bribery and corruption in the obtaining of mining rights in Guinea. Steinmetz is the founder and President of BSRG. Yesterday, I detailed the contracts between BSRG and Mamadie Touré which purported to show the amounts of money paid, the schedule of payments and wiring instructions. Today we look at the allegations made at trial, the defenses raised, the verdict and its aftermath.
Allegations
According to the New York Times (NYT), the allegations “centered on alleged payouts of millions of dollars to a former wife of an ex-president of Guinea, Lansana Conté, who died in 2008. The trial exposed the shady and complex world of deal-making and cutthroat competition in the lucrative mining business.” The corruption was engaged in by the Beny Steinmetz Group (BSRG) which paid $8.5 million to Mamadie Touré, wife of the then G
How a mining corruption trial could be a turning point for dodgy offshore companies
A Geneva court handed Franco-Israeli billionaire Beny Steinmetz a five-year sentence and a CHF50 million (almost $56.5 million) fine over suspected corrupt business practices in Guinea. Stefan Wermuth/AFP
More than seven years after his former Geneva home was searched, Franco-Israeli businessman Beny Steinmetz was sentenced last Friday to a five-year prison term on charges of corruption and document forgery in a landmark case that will resonate far beyond Geneva’s Palais de Justice.
This content was published on January 26, 2021 - 09:00
January 26, 2021 - 09:00
Paula Dupraz-Dobias in Geneva
How a mining corruption trial could be a turning point for dodgy offshore companies
A Geneva court handed Franco-Israeli billionaire Beny Steinmetz a five-year sentence and a CHF50 million (almost $56.5 million) fine over suspected corrupt business practices in Guinea. Stefan Wermuth/AFP
More than seven years after his former Geneva home was searched, Franco-Israeli businessman Beny Steinmetz was sentenced last Friday to a five-year prison term on charges of corruption and document forgery in a landmark case that will resonate far beyond Geneva’s Palais de Justice.
This content was published on January 26, 2021 - 09:00
January 26, 2021 - 09:00
Paula Dupraz-Dobias in Geneva