Brazilian prosecutors close investigation on Vale’s failed Simandou project

Monday, 05 April 2021 21:03:01 (GMT+3)   |   Sao Paulo

Brazilian miner and iron ore producer Vale said on Monday federal prosecutors have closed an investigation requested by a Vale’s former partner in a failed iron ore project in Africa.

Benjamin Steinmetz presented federal prosecutors with an accusation against Vale for corruption and influence peddling in a failed iron ore joint venture (JV) in Simandou, in Guinea, Africa.

Prosecutors labeled Steinmetz’s accusation as “annoyingly unspecific.” Federal prosecutors found out that Steinmetz’s claims did not contain enough elements even to indicate his thesis of Vale’s active corruption or influence peddling in the project.

As previously reported by SteelOrbis, Steinmetz has also been convicted for corruption and malicious falsehood crimes in Switzerland. A Swiss court ruled earlier this year that Steinmetz should take five years in jail in Switzerland and pay a CHF 50 million fine.

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