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Steinmetz's BSG Resources enters voluntary administration during Simandou probe

BSG Resources Ltd. entered into voluntary administration in a bid to guard itself as it faces legal action as part of the bribery probe over the Simandou iron ore project in Guinea, Reuters reported March 8.

The billionaire investor Beny Steinmetz-owned company is also suing financier George Soros for damages of US$10 billion over lost contracts.

The U.K.'s Serious Fraud Office launched a probe in July 2017 into Rio Tinto's dealings in Guinea involving the Simandou project.

In November 2016, Guinea's former mining minister Mahmoud Thiam claimed that Steven Din, the head of Rio Tinto's Guinea operation, offered him a bribe in early 2010 to gain control of the other half of the Simandou iron ore property from BSG Resources.

BSG Director Dag Cramer said the decision to go into voluntary administration was taken for protection from "any adverse or malicious development" out of the company's control.