From Financial Crime Education:
Business Tycoon Steinmetz loses bid to overturn $2 billion bribery case
Diamond magnate Beny Steinmetz has lost a $2bn (£1.6bn) legal battle with Brazilian mining giant Vale.
His business BSGR had been ordered to pay Vale the sum in compensation over iron ore assets in Guinea that were taken away amid corruption claims.When dirty deeds come to light it can take a massive effort to dissociate from said deeds.
BSGR had appealed the decision, but this morning its argument was rejected at the High Court. Judge Sir Michael Burton said it was lacking in merit.
Sir Michael said the London Court of International Arbitration panel that made the original award in April had acted fairly, despite BSGR’s claim that it had showed apparent bias.
He said: “I am satisfied that there is no apparent bias, no procedural irregularity… and no substantial prejudice has been done.”
BSGR has been under control of administrators at BDO since March 2018. Its parent company, Nysco, said it stood by its position and vowed to “continue to pursue justice”.
The decision marks the latest twist in a long-running saga over one of the world’s best untapped iron ore reserves.
BSGR was awarded rights to mine the lucrative Simandou iron ore deposit by former Guinean president Lansana Conte in 2008....MORE
Another Africa playa, the Och-Ziff hedge fund which with Steinmetz crossed paths on numerous occasions had to change their name, change their NYSE symbol, do a 1:10 reverse split and adios the former managers.
Because it was publicly traded it was the one we focused on:
Och-Ziff Hedge Fund Settled U.S. Corruption Charges, Now Investors Wonder Where Their Money Went
"US Seeks Scalps in Och-Ziff Bribery Investigation" (OZM)
Couldn't happen to a nicer bunch of guys....
Och-Ziff Capital Management Group Supplied the Money that Kept Mugabe in PowerOch-Ziff: Dirty Deeds, Not Dirt Cheap (OZM)
These are some nasty, nasty playas.
Hedge Funds: "Executives Abandon Och-Ziff Following $13 Billion In Withdrawals And An 80% Share Price Decline" (OZM
One of my mentors, after a lifetime of observation,* decided that bad people don't become good and if he spotted the behavioral matrix in someone he met he would keep his distance so they couldn't harm him-or-his while trying to figure out how to short said bad person to zero.
Sometimes, as in the case of Och-Ziff, you don't have to figure very hard....
After the reverse split the stock (now Sculptor Capital Management: SCU) is trading at $19.94, lower even than after that magnificent 2015 - 2016 collapse.
Good times.
Except for the people tortured by Mugabe.
