Beny Steinmetz

Beny Steinmetz
Born	(1956-04-02) April 2, 1956 Netanya, Israel
Occupation(s)	Entrepreneur, businessman
Known for	Mining, energy, real estate, diamond extraction

Beny Steinmetz (; born 2 April 1956) is an Israeli entrepreneur and businessman with a focus on sectors such as mining, energy, real estate, and diamond extraction. He has been found guilty of engaging in corrupt and unlawful commercial activities in several jurisdictions.

Early life and family

Steinmetz was born in 1956 in Netanya, Israel, as the fourth offspring of Rubin Steinmetz, who was an early figure in the diamond industry. Following a three-year service period in the IDF, he relocated to Antwerp, Belgium, a key center for the diamond trade.

Currently, Steinmetz lives in Israel with his wife Agnes and their four children. He also holds French citizenship and describes himself as an "international Israeli."

Business career

In 1988, Steinmetz purchased his initial and largest diamond manufacturing facility located in South Africa. Subsequently, he expanded operations into Angola, Botswana, as well as into mining, real estate development, and financial markets. His business interests extend across more than 25 countries.

He acts as an advisor to the Board of Beny Steinmetz Group Resources (BSGR), a natural resources enterprise headquartered in Guernsey that is engaged in oil, gas, mining, metals, and power industries. During the 1990s, Steinmetz ended his business relationship with billionaire George Soros following an unsuccessful venture in Russia.

Since 2007, BSGR has held full ownership of Koidu Holdings, which was previously a joint venture. Steinmetz established STI Ventures NV in 1997, a venture capital firm that invests in Israeli startups. By 1999, he had acquired Tucows.

Plans for Cunico Resources to conduct a $580 million initial public offering on the London Stock Exchange were abandoned in 2007. Nikanor plc, a company Steinmetz co-founded and listed in London, was acquired by Katanga Mining in 2008. Through his company Scorpio, he possesses real estate assets throughout Kazakhstan, Russia, and Eastern Europe.

In 2014, Steinmetz transferred ownership of shares in Steinmetz Diamond Group (SDG) to his brother Daniel. By 2015, BSG Capital owned a 16% stake in Gabriel Resources Ltd., a Canadian gold mining firm working to reopen a mine in Romania.

By 2016, BSGR had sold most of its holdings in Cunico Resources to International Mineral Resources; Cunico also jointly owned FENI Industries. In 2017, Cunico initiated arbitration proceedings against North Macedonia regarding FENI Industries but later withdrew them before selling the company to EuroNickel Industries.

On 14 August 2017, Israeli and Swiss law enforcement authorities arrested Steinmetz amid probes into allegations of fraud, bribery, and money laundering; he was placed under house arrest three days afterward. In early 2018, BSGR entered voluntary receivership following bribery accusations.

After losing a $2 billion arbitration case against Vale S.A. at the London Court of International Arbitration in April 2019, BSGR filed for bankruptcy protection in the United States and initiated litigation against Soros for allegedly masterminding a defamation campaign that led to the loss of Simandou mining rights and damages exceeding $10 billion.

Forbes estimated Steinmetz’s net worth at $1.1 billion as of November 2019. In January 2021, a Swiss court convicted him of bribery and fraud related to iron ore mining concessions in Guinea; he received a five-year prison sentence along with a fine of 50 million Swiss francs. His appeal against these corruption convictions was rejected in 2023.

On 14 February 2022, Vale SA withdrew its $1.2 billion lawsuit against individuals and entities connected to Steinmetz.

Guinea and the Simandou Deposit

In 2013, the French publication Le Canard Enchainé accused Steinmetz of employing mercenaries to topple Guinea's government. Steinmetz responded by filing a libel lawsuit, and in 2018, the French appellate court determined that the newspaper had defamed him, imposing a €50,000 penalty along with mandatory corrections.

Steinmetz became embroiled in a lengthy conflict with Guinea concerning the exploitation of Simandou Blocks 1 and 2, which form part of one of the largest iron ore reserves globally. In 2008, BSGR Guinea was granted a three-year exploration license for Simandou following a $160 million payment. Subsequently, Steinmetz sold a majority 51% interest to Vale for $2.5 billion.

The U.S. Justice Department and FBI launched investigations into BSGR’s acquisition amid allegations of bribery, which BSGR denied. Steinmetz consistently asserted their innocence, stating that their activities had benefited Guinea.

In April 2014, Guinea accused BSGR of bribing the president’s spouse to obtain mining concessions and declared intentions to revoke both BSGR’s and Vale’s rights. BSGR responded by initiating international arbitration against Guinea in September 2014. By February 2019, a settlement was reached between BSGR and Guinean President Alpha Condé, resulting in the withdrawal of arbitration and allegations; BSGR surrendered its Simandou rights but maintained stakes in the Zogota deposit, which was set for development by Niron Metals under Mick Davis.

Rio Tinto filed suit against Steinmetz, BSGR, and Vale, accusing them of orchestrating a RICO conspiracy to unlawfully acquire mining rights. Steinmetz assembled a defense team featuring former FBI director Louis Freeh and lawyer Alan Dershowitz. However, in November 2015, a U.S. judge dismissed Rio Tinto's case citing the statute of limitations and insufficient evidence.

Towards the end of 2016, Rio Tinto suspended its head of Simandou operations amid an inquiry into payments connected to Guinea’s president. That December, France 24 published audio recordings related to negotiations over Simandou.

In December 2016, Steinmetz was taken into custody on suspicion of money laundering and bribery linked to BSGR’s Simandou acquisition but was released without charges in January 2017.

In April 2017, BSGR initiated legal action against billionaire George Soros in U.S. courts, accusing him of defamation and efforts to undermine its global mining ventures.

In 2021, a Geneva court found Steinmetz guilty of bribery and document forgery connected to mining rights in Guinea; he received a five-year prison sentence along with a $50 million fine. This conviction was upheld on appeal in March 2023.

Switzerland

On January 22, 2021, Steinmetz was convicted in Geneva for corruption involving bribes paid in Guinea. The court sentenced him to five years' imprisonment and imposed a fine of 50 million Swiss francs. In 2023, Swiss judiciary reaffirmed this bribery conviction.

Romania

On March 10, 2016, Romania's National Anticorruption Directorate indicted Steinmetz in absentia for illegally recovering Paul-Philippe Hohenzollern's inheritance. Alongside two other Israeli nationals, he faced multiple trials involving senior Romanian officials.

A Romanian court rejected a request for his arrest warrant in February 2018. Later, in March 2022, an Athens court denied Romania’s extradition petition on grounds that Steinmetz’s right to a fair trial would be compromised and he faced risk of inhuman treatment; this decision was upheld on appeal.

Greek authorities detained Steinmetz in October 2024 under Romania’s warrant but released him on bail set at €5,000. He was re-arrested in January 2025 following a Greek court order for extradition to Romania; however, Greece’s supreme court overturned this extradition mandate in March 2025, preventing his transfer.

Panama Papers

Beny Steinmetz appeared in 282 files within the Panama Papers disclosure, revealing allegations of corruption and questionable commercial activities across Sierra Leone, the Democratic Republic of Congo, and Guinea.

Philanthropy

As a billionaire entrepreneur, Steinmetz and his spouse manage the Beny & Agnes Steinmetz Foundation, which channels support toward educational institutions, healthcare facilities, military units, and cultural initiatives throughout Israel. This organization serves as the central hub for their philanthropic endeavors.

Agnes and Beny Steinmetz Foundation

Established in 2006, this foundation invests in initiatives focused on education, medical care, and cultural enrichment for children. It backs programs for vulnerable youth, provides after-school services to families facing hardships, and grants scholarships to students from underprivileged socio-economic backgrounds. Each year, it awards 125 scholarships valued at 8,000 NIS each to attendees of Netanya Academic College.

Grants Awarded in 2006
50,000	To Children
3,000	To Parents
2,000	To Faculty Members

The foundation extends contributions to organizations including the Tel Aviv Museum, the Association for the Wellbeing of Israel's Soldiers—particularly aiding the Tzabar Battalion within the Givati Brigade—the Israel Cancer Association, and numerous hospitals.

Beny Steinmetz stands as a principal benefactor of the Tel Aviv Museum of Art, underwriting the Agnes and Beny Steinmetz Wing for Architecture and Design, which features exhibition spaces devoted to design and architectural works. Both Beny and Agnes have been honored with honorary doctorates from Netanya Academic College and the Tel Aviv Museum of Art in recognition of their cultural philanthropy.

In 2016, the foundation marked its tenth anniversary with events celebrating philanthropic contributions amounting to tens of millions of shekels distributed to supported institutions over the decade.

External links

• www.beny-steinmetz.org Official Website of Beny Steinmetz