(Times Live) – Dodgy dealings within the Steinmetz Group seems to indicate undervaluing of diamonds, which is costing Sierra Leone tax payments. He is De Beers’ most prolific diamond buyer, a supplier to the luxury jewelry brand Tiffany & Co., and an alleged criminal, accused of bribing the wife of a former Guinean president to land a multibillion-dollar iron deal. Given that profile, it’s not surprising that Beny Steinmetz and his eponymous company try to stay out of the limelight. But with the Steinmetz Group’s alleged tax avoidance scam in South Africa and an ongoing US grand jury investigation into corruption in Guinea, for the past two years, Steinmetz hasn’t been able to keep his name out of the headlines. So, to avoid exposing the company, the embattled billionaire allegedly sold his 37.5% share in the Steinmetz Group’s diamond segment, Diacore, to his brother, Daniel, in 2014. Steinmetz left the Steinmetz Group’s diamond business, Diacore, but has kept a business in Sierra Leone diamonds through the British Virgin Islands-based entity Octea. The company, which he runs through BSG Resources (BSGR), counts the Steinmetz family as beneficiaries. Unlike BSGR which operates in West Africa, Diacore maintains a presence in Namibia, Botswana and South Africa. Leaked data from a Panama-based offshore fiduciary Mossack Fonseca, shared by the International Consortium of Investigative Journalists (ICIJ) and Germany’s Süddeutsche Zeitung newspaper, sheds light on the internal financial structures created by BSGR to camouflage Octea’s financial activities. The data reveals a BSGR corporate structure, dated 2015, identifying Octea as wholly owned by Guernsey-based BSGR Resources – the latter directly involved in the Guinea scandal. In turn, BSGR is owned by several foundations based in Liechtenstein and Switzerland such as Nysco and Balda.
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