In December 2019, Vale SA, one of the world’s largest mining companies and two associated companies, commenced a $1.8bn fraud claim against eight defendants, including Beny Steinmetz.
Vale alleged in summary that, back in April 2010, it was fraudulently induced by the defendants to enter into a joint venture for iron ore mining in Guinea with a company called BSG Resources Limited. An 11 week trial of the claim began in January 2022. After cross-examination of three of Vale’s witnesses, and in the fourth week of trial, Vale conceded that its claims were time barred and applied to discontinue the claim. Mr Justice Andrew Baker dismissed the claim, ordered Vale to pay indemnity costs to all the defendants and discharged the worldwide freezing order.
Robert Weekes leading Shane Sibbel, acted for the Second Defendant.
David Lowe leading Warren Fitt, acted for the Third to Fifth Defendants.