Israeli Billionaire Takes Africa Mine Fight to Vale Homebase
- Steinmetz accuses Vale of influence peddling in iron project
- Vale says complaints are ‘desperate attempt’ to evade payment
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Brazilian prosecutors will ask police to investigate allegations against Vale SA made by Israeli billionaire Beny Steinmetz as part of an almost decade long-legal dispute surrounding the world’s biggest untapped iron deposit.
Steinmetz filed two complaints in October, accompanied by a legal opinion by Sergio Moro, the former Brazilian Justice Minister who oversaw the Car Wash corruption investigation in the South American nation. In a complaint to federal authorities, Steinmetz accuses Vale of influence peddling, while in a second to state authorities, he alleges it kept shareholders in the dark about the risk of buying into the joint venture. Vale denies the accusations.