Steinmetz's Swiss trial on alleged Guinea mine bribe begins

The trial of Israeli businessman Beny Steinmetz, which began in Geneva yesterday, has attracted major international media coverage. Steinmetz, 64, is charged together with two others, with bribery in order to receive the concession for the world's largest iron ore mine in the West African country of Guinea.

Beny Steinmetz Group Resources (BSGR), controlled by Steinmetz, bought the rights to the mine from the Guinea government for $170 million in 2008 and sold half the rights a year later for $2.5 billion. Steinmetz and the two other defendants are accused of paying the former Guinea President Lansana Conte and his fourth wife Mamadie Toure bribes of at least $8.5 million for the rights. Steinmetz and the other defendants deny all the charges.