Israeli billionaire Beny Steinmetz and two associates are facing criminal charges in Switzerland for allegedly paying bribes to win mining licences in Guinea between 2005 and 2010.
The U.S. Securities and Exchange Commission Tuesday charged Rio Tinto Plc and two former executives with fraud for allegedly inflating the value of coal assets in Mozambique.
The UK Serious Fraud Office released a statement Monday confirming that it has opened a corruption investigation into mining giant Rio Tinto.
The SFO said the investigation targets “suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it,” according to an alert from FCPA Tracker.… Continue Reading
Authorities in Israel detained billionaire Beny Steinmetz for questioning about money laundering in connection with bribes allegedly paid to officials in Guinea for mining rights.
The former Minister of Mines and Geology of the West African country of Guinea was arrested and charged Tuesday with laundering $8.5 million in bribes he allegedly took from a Chinese conglomerate in exchange for mining rights.… Continue Reading
BSG Resources Limited said it sent a letter to Rio Tinto plc Monday alleging that Rio Tinto contributed to the loss of BSGR’s mining rights in Simandou, Guinea by paying bribes and making false allegations.… Continue Reading
The Rio Tinto imbroglio around its mining concession in Guinea continues to become stranger and stranger.
One might think that a $10.5 million payment for a third-party consultant to assist in obtaining a lost mining concession in the notoriously corrupt West Africa country of Guinea, approved at the highest level of the company is unusual enough.… Continue Reading
Global mining giant Rio Tinto said it suspended the chief executive of its energy and minerals division while it investigates more than $10.5 million paid to a consultant for the Simandou iron ore project in Guinea.… Continue Reading
The issue of whether the identities of confidential sources for business intelligence reports should be protected from disclosure in civil litigation was the subject of a High Court decision in London yesterday arising from ongoing proceedings in New York.… Continue Reading
Australia is the world’s sixth largest country by land mass, only slightly smaller than America’s lower 48 states. With just 22 million people and abundant resources, the country exports coal, iron ore, gold, uranium, alumina, meat, wool and wheat, as well as wine, olives, fruit and vegetables.… Continue Reading
The Chinese government this week alleged that employees of Rio Tinto bribed executives from 16 Chinese steel mills that buy its iron ore for themselves and China’s 120 steel producers. Anglo-Australian Rio Tinto is among the world’s largest iron ore miners and has been a major supplier to China’s steel industry, which is mostly state-owned.… Continue Reading