Israel released billionaire businessman Beny Steinmetz from house arrest without charge on Wednesday, his mining firm BSG Resources (BSGR) and a court spokeswoman said, following his detention over bribery allegations involving BSGR in Africa.

Israeli authorities put Steinmetz, 60, under house arrest on Dec. 19. Police said he and other Israelis living abroad were alleged to have paid tens of millions of dollars to senior public officials in Guinea to advance their businesses.

BSGR said at the time that the allegations were “baseless.”

Forwarding the News

Thoughtful, balanced reporting from the Forward and around the web, bringing you updated news and analysis each day.

Terms(Required)

I agree to the Forward's Terms of Service and Privacy Policy

Email(Required)

“The period of restriction has now elapsed and Mr Steinmetz is free of all legal restrictions, with no charges relating to any criminal activities, including bribery and corruption, being laid against him,” BSGR said in a statement on Wednesday.

Steinmetz cooperated fully with Israeli authorities in the investigation and “will continue to do so if and when required,” the statement said.

Police said Steinmetz’s release was conditional on his agreeing not to leave Israel for 180 days and on his depositing a guarantee of 100 million shekels ($26 million).

BSGR reiterated in its statement that the investigation had been initiated by the government of Guinea, which launched a review of mining contracts signed before 2011 as part of international efforts to improve transparency.

Within its review the West African nation investigated how BSGR obtained the rights to the Simandou deposit, the world’s largest untapped iron ore reserves, in 2008.

Anglo-Australian mining group Rio Tinto, and BSGR have made legal claims against each other over the mining rights in Simandou.

A message from our CEO & publisher Rachel Fishman Feddersen

I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.

Now more than ever, American Jews need independent news they can trust, with reporting driven by truth, not ideology. We serve you, not any ideological agenda

At a time when other newsrooms are closing or cutting back, the Forward has removed its paywall and invested additional resources to report on the ground from Israel and around the U.S. on the impact of the war, rising antisemitism and polarized discourse.

Readers like you make it all possible. Support our work by becoming a Forward Member and connect with our journalism and your community.

—  Rachel Fishman Feddersen, Publisher and CEO

Join our mission to tell the Jewish story fully and fairly.

$36 $500

$120 $180 Other amount