Beny Steinmetz found guilty of bribery

Israeli businessman Beny Steinmetz has been found guilty of bribery and sentenced to five years in jail by a criminal court in Switzerland, in a landmark case that will reverberate across the mining industry.

The ruling follows a two-week trial in which Mr Steinmetz, 64, and two aides were accused of paying and arranging bribes of $10m to obtain the exploration rights for Simandou, a giant iron ore deposit in Guinea, and forging documents to cover it up. They denied the charges.

Mr Steinmetz was also fined SFr50m. A spokesperson for the businessman said he would appeal against the verdict.