More than a decade after Vale agreed to pay Beny Steinmetz $2.5bn for a chunk of the world’s biggest iron-ore deposit, the pair are about to lock horns in a London court with the Brazilian mining giant accusing the Israeli billionaire of an “elaborate” fraud.
Steinmetz firmly denies “all of Vale’s allegations against him — including those of corruption”, his lawyer Justin Fenwick said in documents prepared for the hearing. “The evidence at trial will demonstrate that this is far from the truth and that Vale entered into this transaction cynically aware of what they believed to be clear evidence of corruption by BSGR.”
“If any of the defendants was genuinely honest they would recognise that BSGR was engaged in corrupt practices,” Vale’s lawyer, Sonia Tolaney, said in written documents prepared for the hearing. Steinmetz has faced further setbacks recently. In December 2020, he was convicted by a Romanian court in absentia over his role in a property bribery scheme. A month later, a Geneva judge convicted Steinmetz of bribery over the Simandou rights and sentenced him to five years in prison.
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