Beny Steinmetz Pressed on Guinea Deals on Second Day of Bribery Trial
- Israeli accused of paying bribes to secure iron mine in Guinea
- Simandou is one of the largest iron-ore reserves in the world
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Israeli tycoon Beny Steinmetz defended his investment in an African iron-ore mine, telling a Geneva court that the $5 billion valuation of a site that he secured for less than $200 million was part of the industry’s reward for risk-taking.
Steinmetz is testifying during the second day of his trial on charges of bribery in Geneva. He dismissed questions from presiding judge Alexandra Banna about transactions that allowed him to take control of a giant iron-ore mine in the south of Guinea.