Subscribe for notification

Geneva Diamond Tycoon Jailed in Historic Corruption Case

Share

A GENEVA court has sentenced an Israeli diamond tycoon to 5 years in prison following a trial that exposed the corrupt business world in the mineral-rich continent of Africa.

Beny Steinmetz, a Geneva-based Israeli businessman, was jailed for bribing top officials in Guinea with millions of euro to secure the purchase of lucrative iron deposits.

The diamond tycoon reportedly paid 8 million euro to Mamadie Toure, the wife of Guinea’s former President, in 2006 so that he could buy the Simadou Iron mines – one of Earth’s most untouched and valuable mineral deposits.

Prosecutors traced the murky finances of Steinmetz through Switzerland, Romania, the Virgin Islands, and Liechtenstein to establish the extent of his corruption conspiracy. He has called his conviction a “big injustice”, claiming he never “paid a cent” to any officials when his company bought the lucrative mines.

His trial has exposed the shocking levels of corruption and unscrupulous practises carried out by western businesses in their unrelenting endeavors to extract every iota of wealth from the African continent. Using a complex system of off-shore accounting, legal gymnastics and an omerta system that condemns those who speak out, many European, North American, and increasingly East Asian companies have defrauded the people of Africa from the economic benefits their mineral-rich countries could offer them.


Thank you for taking the time to read this news article “Geneva Diamond Tycoon Jailed in Historic Corruption Case”. For more UK daily news, Spanish daily news, and Global news stories, visit the Euro Weekly News home page.

Oisin Sweeney

Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...

Recent Posts

  • News
  • Spain

Spain Considers Vaccine Passports And Testing To Kick-Start Tourism

Spain Considers Vaccine Passports And Testing To Kick-Start Tourism. (more…)

8 mins ago
  • News

Covid Outbreak At Dorset Sex Offender Prison Holding Gary Glitter

Covid Outbreak At Dorset Sex Offender Prison Holding Gary Glitter. (more…)

23 mins ago
  • News
  • Top News
  • World News

Angela Merkel Announces The EU Vaccination Passport Will Soon Be Reality

ANGELA MERKEL Announces The EU Vaccination Passport Will Soon Be Reality After Bloc Leaders Had…

2 hours ago
  • News
  • Top News
  • World News

Angela Merkel Prepared To Let 1.3million Doses Of AstraZeneca Vaccine Go To Waste

ANGELA MERKEL Prepared To Let 1.3million Doses Of AstraZeneca Vaccine Go To Waste (more…)

2 hours ago
  • News
  • Top News
  • USA
  • World News

US Military Conducts Airstrike On Iranian-Backed Militia In Syria

US Military Conducts Airstrike On Iranian-Backed Militia In Eastern Syria (more…)

3 hours ago
  • News
  • Top News
  • World News

Michael Somare: Papua New Guinea’s ‘Father Of The Nation’, Dies Aged 84

MICHAEL SOMARE: Papua New Guinea's 'Father Of The Nation', Dies Aged 84, in Melbourne, Australia…

4 hours ago