Bloomberg Law
May 21, 2020, 4:42 PM

Steinmetz Says New Evidence Undermines Vale Claims (Correct)

Thomas Biesheuvel
Thomas Biesheuvel
Bloomberg News

Mining billionaire Beny Steinmetz told a New York judge he shouldn’t have to pay $2 billion to Vale SA over a failed African iron-ore venture because the Brazilian mining giant agreed to the deal even though it suspected bribes had been paid.

Steinmetz, who was ordered last year by a London arbitration panel to compensate Vale, said in a court filing Thursday that he had “new and credible evidence” about the deal in Guinea that “contradicts the basis of Vale’s claim in the U.K. proceedings and its global litigation campaign.”

Steinmetz said he has testimony from former Vale executives that ...