Vale wins $1.2 billion iron ore fraud lawsuit

Thursday, 11 April 2019 22:23:08 (GMT+3)   |   Sao Paulo

A British court in London ruled BSG Resources Limited should pay Brazilian miner and iron ore producer Vale $1.2 billion, including interests and expenses, for fraud over an iron ore project in the Simandou region in Guinea.

The court ruled BSG Resources (BSGR) induced Vale to set up a joint venture (JV) to explore an iron ore site in the Simandou region in Guinea. The Guinean government annulled the iron ore concession in 2014, following corruption charges against BSGR. The company reportedly bribed Guinean officials to win the project.

Vale did not take part in the scandal, the miner said. The company added that it did not determine a timeline for receiving the $1.2 billion compensation, and there are no guarantees it will actually get the money; however, Vale said it will take all necessary legal actions to be compensated.


Most Recent Related Articles

US import HDG still holding steady

Some Izmir-based Turkish mills further reduce ship scrap purchase prices

CEBID: Turkish steel pipe output expected to increase in 2020

Japan's new ship export orders fall in 2019

Domestic rebar prices in Taiwan - week 4