Mining tycoon Beny Steinmetz was discovered responsible in 2021 of organising a posh monetary internet to pay bribes to make sure his firm might get hold of permits in Guinea’s southeastern Simandou area, which is estimated to comprise the world’s largest untapped iron ore deposits.

“I’m harmless,” the 66-year-old advised AFP on the finish of seven days of intense hearings.

The businessman, who made his fortune in diamonds, was sentenced by a Geneva courtroom to 5 years in jail and ordered to pay 50 million Swiss francs ($52 million) in compensation.

However he insisted through the appeals courtroom hearings that that verdict was deeply unfair, along with his legal professionals arguing the prosecution’s case was “very weak”.

“I’ve completed nothing flawed,” Steinmetz mentioned shortly earlier than the courtroom adjourned, telling the judges he had been “devastated” to listen to how he was being portrayed.

Steinmetz — who lives in Israel and was granted a free-passage to attend the trial — is free to depart Switzerland however shall be requested to return to serve his sentence if he loses.

He has not served any jail time because of the enchantment course of, with the judges anticipated to take weeks and even months to render their verdict.

The prosecutors doubled down on the image painted through the unique trial, of Steinmetz main the cost to bribe a spouse of then-Guinean president Lansana Conte and others with the intention to win profitable mining rights in Simandou.

Beny Steinmetz Group Sources (BSGR) obtained the rights — which had been stripped from mining big Rio Tinto — shortly earlier than Conte died in 2008, after about $10 million was allegedly paid in bribes over a lot of years by means of totally different channels.

BSGR acquired the rights in opposition to an funding of $160 million, however 18 months later offered 51 % of its stake within the concession to Vale of Brazil for $2.5 billion.

In 2013, Guinean president Alpha Conde reviewed the permits allotted below Conte and stripped the VBG consortium fashioned by BSGR and Vale of its allow.

Prosecutors declare Steinmetz and his associates entered a “pact of corruption” with Conte and his fourth spouse Mamadie Toure to acquire the exploration rights — a cost he flatly rejects.

Toure, who has admitted to having acquired funds, has protected standing in the US as a state witness.

Steinmetz’s lawyer repeatedly complained that the defence had no entry to Toure or perception into her US deal, and decried Tuesday that the prosecutor’s case relied closely on “a witness who just isn’t credible.”

The defence maintained there was nothing inappropriate about how BSGR obtained the permits, and that Rio Tinto misplaced half the concessions for failing to develop them.

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