Israeli diamond tycoon appeals corruption sentence in Switzerland
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Loading... - Helena Foster
- 31 Aug 2022
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Israeli diamond magnate Beny Steinmetz returns to a Geneva court on Monday to appeal his conviction on charges of corrupting foreign public officials and forging documents, a case linked to his firm’s bid to reap lavish iron ore resources in the West African country of Guinea.
The man considered by some to be Israel’s richest man was sentenced to five years in prison and ordered to pay a fine of 50 million Swiss francs ($51.5m) in the lower court’s ruling in January 2021. Two other defendants received lesser penalties.
The case centred on alleged payouts of millions to a former wife of late Guinean President Lansana Conte, and exposed the shady and complex world of deal-making and cut-throat competition in the lucrative mining business.
Steinmetz will be without high-profile Geneva lawyer Marc Bonnant, who is no longer representing the billionaire. Bonnant had previously argued that Steinmetz had not given “a single dollar” to any official of the Guinea regime under Conte.
Backers of the Israeli tycoon insist that the lower court did not get a full understanding of the facts of the case, and believe that the court wanted to set an example that Switzerland – which has had a reputation over the years for secretive financial dealings – can hold financial kingpins to account when necessary.
‘Landmark ruling’
After the verdict, Swiss transparency group Public Eye hailed a “landmark ruling” that showed the court could see through a “slick” legal defence.
Steinmetz, 66, denied the charges and has been free pending the appeal.
The Geneva prosecutor’s office alleged that Steinmetz, a former resident of Geneva, and the two other defendants engaged in corruption of foreign officials and falsification of documents to hide the payment of bribes from authorities and banks. Read More…
