From Mining.com, April 5:
Vale (NYSE: VALE) said on Monday that billionaire Beny Steinmetz, the founder and owner of a company embroiled in a long-drawn-out dispute with the Brazilian miner over lost rights to an iron ore project in Guinea, has lost his latest battle against the Brazilian miner.
The Rio de Janeiro-based firm said on Monday that Brazil’s federal prosecutors had closed an investigation into CEO Eduardo Bartolomeo, and other executives and former directors over alleged illegal practices related to the deal to explore the Simandou iron ore deposit.
At two billion tonnes of iron ore with some of the highest grades in the industry, Simandou is one of the world’s biggest and richest reserves of the steelmaking material.
Vale said the Federal Public Prosecutor’s verdict supported the company’s position, adding that it remained confident that Brazilian authorities would acknowledge that “the clear purpose of Mr. Steinmetz is to divert the focus from the obligation to indemnify Vale for $2 billion, in accordance with arbitral award and court decisions that were unfavourable to him in England and the United States.”
The company noted the federal prosecutor concluded the billionaire’s accusations were “disturbingly unspecific.” It also said the verdict concluded that the documents presented did not “contain elements that even in theory indicate the occurrence of a crime of active corruption or international influence peddling.”...
....MUCH MORE
If interested some of our previous links can be found in January's "Mining Billionaire Beny Steinmetz Found Guilty Of Corruption, Faces Prison Time"
