Soros hit by lawsuit from fellow billionaire

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A decade-long grudge has caused Israeli billionaire Beny Steinmetz to take out a lawsuit against his nemesis, billionaire activist George Soros, claiming that his company, BSG Resources Ltd., lost approximately $10 billion due to a defamation campaign run by Soros which stripped his mining company of rights to an iron ore deposit in Guinea and other business opportunities around the world.

According to a report in Bloomberg, a complaint filed Friday in Manhattan federal court accuses Soros of having funded “law firms, transparency groups, investigators and government officials in Guinea in a coordinated effort to ensure BSG Resources Ltd. lost the rights to the Simandou deposit in April 2014.”

In the complaint, BSGR alleges that Soros “was driven by a grudge dating back to 1998 around a business in Russia and his alleged hostility towards Israel,” noting, “To Soros, Steinmetz’s success, as well as his active, passionate promotion of Israeli life, business and culture are anathema. Soros is also well known for his long-standing animus toward the state of Israel.”

Simandou is known to be the richest untapped iron ore site in the world.

According to the report, “Steinmetz and BSGR originally lost their rights to Simandou, because the Guinean government found that they obtained the permits after paying millions in bribes, including to Mamadie Toure, the fourth wife of Guinea’s former president. However, the bribery reports were actually fabricated by Soros-funded companies. And Toure, who implicated BSGR and Steinmetz, had actually received $50,000 from an adviser to President Alpha Conde and $80,000 from an agent or affiliate of Soros.”

“Soros’s financial clout gave him power over Guinea’s processes of government, which he then thoroughly abused,” said BSGR in the complaint, adding that Soros was “motivated solely by malice, as there was no economic interest he had in Guinea.”

H/T: Bloomberg

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