The Plunder of Africa | VikingLifeBlog

… In 2008, Israeli billionaire Beny Steinmetz corruptly acquired the mining license for one of the world’s largest iron-ore deposits for only $160 million by paying $50 million to the wife of the then Guinean president. The real value of the mine was later revealed when he sold a 51% stake in the project to the mining corporation Vale for $2.5 billion. However, after a change in the Guinean government, the license was revoked by the new president, Alpha Condé, as it had been corruptly acquired. Vale sued Steinmetz for fraudulently selling them the license and was awarded $1.25 billion by a tribunal in London. However, Steinmetz has recently sought to overturn the ruling using information uncovered by the Israeli spy agency BlackCube (readers may be familiar with their previous work protecting Harvey Weinstein), allegedly showing that the Vale board were aware of potential bribery when they made the acquisition. The Israeli spies boast of having obtained this information through trickery, setting up an elaborate network of shell companies and talking to the Vale executives under false pretenses.

In an act of thunder-striking audacity, Steinmetz argued that this meant he should be compensated by Vale. It is too early to tell yet how this lawsuit will turn out; however, it is striking how Mr Steinmetz has served no time in prison despite having been investigated for corruption and money laundering in the United States, Guinea, Switzerland and Romania.

Perhaps this is related to his international political connections.