“He Met Alpha Condé, He Corrupted The Process”

The Telegraph newspaper reported that Steinmetz blamed Soros’ advice to Guinean president Alpha Condé for the mess BSGR is in.

He was testifying in a World Bank arbitration case BSGR brought against Guinea over the Simandou rights tussle.

Steinmetz said there was a clear conspiracy.

“[Soros] has an obsession with me… he’s nuts,” Steinmetz said, according to the Telegraph.

“He met Condé, he corrupted the process [of issuing mining rights]. When he came, there was a mining industry. Now the mining industry is shut up.”

Soros has been involved organisations like Global Witness, which Steinmetz unsuccessfully sued over its use of his information while reporting on Simandou.

Steinmetz is also suing Soros directly for US$10 billion in damages in a New York court.

BSGR was given the rights to half of Simandou in 2008 when a former government run by now-deceased former dictator, Lansana Conté, decided Rio Tinto (LN:RIO) was not doing enough with them.

Condé came into power in 2010 and decided BSGR, which had sold Vale (BZ:VALE5) 51% of the project in the interim for a promised $2.5 billion, had gotten hold of the massive iron ore resource through bribery.

BSGR said in its application for arbitration Condé had made a deal with “South African business interests” for $50 million who had then rigged the election in exchange for the two blocks then owned by BSGR and Vale.

The case also insists the review of mining rights done by Condé’s government was nothing but an “attempt to justify the forthcoming withdrawal of its mining investments”.

The former BSGR blocks have yet to be re-allocated.

In the years since BSGR lost the rights, Rio Tinto has been shown to have paid $10.5 million to a Condé advisor as it confirmed its hold on its remaining two blocks for a payment of $700 million to Guinea.

A man linked to BSGR’s arrival in Guinea over a decade ago has been sent to jail in the US over blocking an investigation into bribery and Steinmetz himself was put under house arrest in Israel over the New Year as police investigated his Simandou dealings, although he was not charged.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply