Financial Times reported that the World Bank’s International Centre for the Settlement of Investment Disputes in arbitration ruling over licences for Simandou iron ore project said that the mining arm of Mr Beny Steinmetz’s business empire secured the rights to one of the most prized assets in the natural resources industry through a bribery scheme. It said that there was overwhelming evidence that BSG Resources obtained the licences for the giant Simandou iron ore deposit in Guinea through corrupt practices. In the determination, ICSID said there was evidence Touré had directly or indirectly received at least USD 9.42 million from BSGR between August 2009 and May 2012, of which USD 5.23 million could be traced through wire transfers and checks, for her services in securing permits.While ICSID ultimately found it did not have jurisdiction over claims brought by BSG Resources and Guinea under the country’s mining code and a government infrastructure act, its comments come at a sensitive time for Mr Steinmetz as he battles to overturn a Swiss corruption conviction.BSG Resources launched arbitration proceedings against Guinea in 2014 after it was stripped of its right to half of Simandou after the government of then President Mr Alpha Condé concluded BSGR had paid bribes. The company, which was placed into administration in 2018 in the face of mounting legal battles, has always maintained it did nothing wrong and was the victim of a conspiracy to seize its assets. That view was challenged by Guinea. In January, 2021 Mr Steinmetz was sentenced to five years in jail by a Swiss court for bribing Mamadie Touré, a wife of Guinea’s late dictator Mr Lansana Conté, to win the license to Simandou.