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Published On: Wed, Jan 13th, 2021

New Evidence Brought by Beny Steinmetz in BSGR Case Against George Soros

Beny Steinmetz and the BSGR legal team have entered new statements into evidence in the case against American billionaire George Soros pending at the United States District Court for the Southern District of New York. Steinmetz is being represented by Louis M. Solomon of the Reed Smith law firm. Steinmetz and Solomon argue that the statements form the groundwork for the case, which involves claims of fraud and defamation against Soros amounting to some $10 billion.

Steinmetz’s claims against Soros revolve around an affair involving the Simandou iron-ore deposit in Guinea. Steinmetz alleges that Soros influenced Guinean politicians to enact changes to the country’s mining laws, which in turn led to the expropriation of BSGR’s rights to the deposit in 2010. (The dispute between Steinmetz and Guinea was eventually resolved in 2019 with an out-of-court settlement and all complaints being dropped by both sides.)

George Soros – Festival of Economics 2012 – Trento photo Niccolò Caranti via wikimedia commons

Steinmetz: Soros Motivated by Personal Vendetta

Steinmetz insists that Soros is motivated by a longstanding personal vendetta against him that is rooted in antagonism towards Israel, where Steinmetz was born and raised. Steinmetz has pointed to a recent court case in Sierra Leone brought against a BSGR company—Octea— that was tossed out by the judge on a lack of merit. Steinmetz argues that the case was funded by Soros’s Open Society Foundations.

Soros: BSGR Trying to Advance Argument That Was Rejected in Different Case

In defense, George Soros said that BSGR is seeking to litigate over an issue that Soros claims was clearly resolved in a previous proceeding, namely that held at the London Court of International Arbitration (LCIA). In that case, the LCIA found against BSGR to the tune of $1.1 billion. In response to this argument, Steinmetz claims that he was not able to introduce said statements as evidence in the LCIA proceedings and that the findings of those proceedings are unrelated.

Author: Nataliya Stefanus

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