Diamond-mining tycoon named as Israeli billionaire detained in graft probe - Jerusalem Post Israel News

Diamond-mining tycoon Beny Steinmetz was identified as the billionaire Israeli businessman who was detained by police Monday in relation to suspected corruption and bribery in African.

The Israeli mogul was suspected of bribing Guinean public officials sums amounting up to tens of millions of dollars in Guinea’s capital of Conakry to further his business interests.

Police raided the suspect’s office on Monday and said more arrests were expected.

The investigation was being conducted in coordination with law enforcement agencies from Switzerland, the United States, and Guinea and is part of an OECD-led effort to combat bribery of public officials around the world.

In a statement, police said that an undercover investigation in cooperation with international law enforcement found evidence of the suspected bribes.

Steinmetz  was set to be brought to the Rishon Lezion court on Monday, where police are seeking to extend his detention.

A spokesman for Steinmetz in Israel said he was not commenting at this stage.

Mining company BSG Resources (BSGR) said the investigations were initiated by the government of Guinea with international police organisations in the United States, Britain and Switzerland.

BSGR described Steinmetz as an adviser to the company, which is headquartered in the Channel Islands and is a mining arm of Steinmetz's business conglomerate.

A BSGR spokesman told Reuters that Steinmetz does not sit on BSGR's board or have an executive role, but "is the beneficiary of the foundation which owns BSG Resources".

A government spokesman declined to say whether Guinea was involved in the case but said the government would fight corruption and uphold the principle of judicial independence.

"The Guinean government will assume its responsibilities and will respect the commitment of the head of state to fight against corruption," Damantang Albert Camara said.

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