BSGR Fights Back against Soros

BSGR Fights Back against Soros

As a result, in 2014 BSGR, the Israeli mining conglomerate, was stripped of its mining rights over Simandou by recently elected President of Guinea Alpha Conde. The battle lines were drawn and Beny Steinmetz was obviously not going to let Alpha Conde and George Soros go about their business without a fight.

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The Genesis

In 2008 Mining company Rio Tinto, following the procedure engaged from then President of Guinea Lansana Conte was deprived of fifty percent of its mining rights on gigantic iron ore deposit Simandou.

Such a decision was based on the accurate facts that after over fifteen years of exclusive mining rights on the mine, no



substantial efforts were deployed by Rio Tinto to actively develop mining revenues. These same rights were then subsequently allocated to BSGR in 2008, who brought up serious infrastructure investments and solid exploitation schedule to increase mining revenues for Guinea thereafter.

In 2010, BSGR, in a concern to speed up and optimize the turnover of Simandou, partnered with Vale, a Mining Conglomerate and direct competitors of Rio Tinto, and sold 51 percent of its concession rights to Simandou.

This same year, Alpha Conde, in his run for the presidency of Guinea, enlisted the support of Sammy Mebiame, manager of the US Hedge Fund Och-Ziff, against the engagement to receive mining rights on Simandou taken out of BSGR share. As an additional leverage, and not the least important one, Alpha Conde also enlisted the support of George Soros, sworn enemy of Benny Steinmetz, major ally of Rio Tinto and owner of the most famous Hedge fund named Soros Fund Management LLC.

As a result, in 2014 BSGR, the Israeli mining conglomerate, was stripped of its mining rights over Simandou by recently elected President of Guinea Alpha Conde. The battle lines were drawn and Beny Steinmetz was obviously not going to let Alpha Conde and George Soros go about their business without a fight.

When corruption stains Alpha Conde’s image



When Alpha Conde was appointed President of Guinea in 2010, he embarked on a venture to review current mining deals and received financial and influential back up from George Soros and his affiliates. Alpha Conde and his government claimed that they were trying to protect the people in Guinea and save their resources from crumbling under corrupt dealings. Their sole overt objective was to restore better governance in the country. However, Sammy Mebiame, who did provide financial support to Alpha Conde in 2010, admitted to the New York court in 2016 how he managed to speed up hostile endeavours from the new government toward BSGR by bribing Alpha Conde and a wide selection of Ministers with Cash and a Class S Mercedes. Useless to say this discovery constitutes a serious dent in Conde’s image posing as an “untouchable” leader.

The fight is on

in less than a few month, Beny Steinmetz and his company BSGR were fully deprived from their major investment and complained that media outlets and global organizations, under the influence of Soros, conducted biased campaigns against him depicting BSGR in a degrading light to defame his company and his personae.

After filing a case against Alpha Conde and his government in 2016, BSGR tried to have World Bank, who was arbitrating Soros/Conde’s Case against BSGR, removed from the affair for witholding key evidence in the matter, alleging that they were biased. Such a demeanor prevented the case from moving forward smoothly and fairly. Unfortunately for BSGR, the motion was rejected by the Chairperson of the International Centre for Settlement of Investment Disputes Administrative Council in January 2017.

Despite taking a knock, BSGR has refused to stand back, filing a 275 page response where they strongly deny all allegations of corruption and misconduct brought up by Soros and Conde and claim that the termination of their legal rights of Simandou on the basis of bribery is false and based on unsupported evidence.

In addition, BSGR officially accused Alpha Conde and George Soros of conjuring up an elaborate conspiracy deal to shove BSGR out of Guinea and unjustly taking over Simandou, costing them millions of dollars.

In its opening argument BSGR also alleges that Conde and Soros achieved their objectives against BSGR through the implementation of a foiled bribery scheme. BSGR, the defendant also claims that Conde and associates mounted false accusations of fraud and corruption against BSGR and coaxed external parties such as Chinalco into filling their position at Simandou, costing BSGR $160 million dollars.

Conde as the main target

BSGR has targeted Alpha Conde and George Soros both individually and together as a team in a move some have claimed is simply an attempt to deflect any investigations that were being conducted against BSGR. However, Steinmetz and his associates have refused to be intimidated, claiming that not only did Alpha Conde accepted the bribes from Sammy Mebiame but also that he has deep rooted ties with various associates in South Africa that aided him in rigging the election that saw him become new president of Guinea.

Soros also in the line of fire

Ire has also been directed towards George Soros, with a $10 billion lawsuit being filed against him for manipulating the political and economic climate in Guinea for his own benefit. Beny Steinmetz has specifically targeted Soros’ Fund Management, accusing it of trying to defame his persona and endeavours in his blatant and successfull effort to have the mining rights stripped from BSGR to the benefit of Rio Tinto, a company he claims adamantly, is largely controlled by George Soros.

Steinmetz claims that Soros was never interested in helping Conde or the people of Guinea and was simply acting out of hatred and desire to sabotage BSGR, particularly Beny Steinmetz himself. It is not clear yet how this case will pan out but there is no doubt that BSGR is not backing down anytime soon.


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