Mining chief says Labour peer misused information
Thursday 11 April 2013
Lord Malloch-Brown, a Labour minister under Gordon Brown and a former deputy secretary-general of the United Nations, is being sued by the Israeli billionaire Beny Steinmetz.
Mr Steinmetz alleges that Lord Malloch-Brown and FTI Consulting, the City PR firm he chairs, passed on confidential information about his mining company BSG Resources (BSGR) while acting as its adviser until last November.
The Labour peer is accused of colluding with the billionaire investor George Soros after he joined FTI in September 2010. Court papers allege: "At a time when Lord Malloch-Brown's firm [FTI] was engaged as a key adviser on reputational and other matters, he was behaving in a collusive and unlawful manner with Mr Soros and providing confidential information to Mr Soros. This culminated in Lord Malloch-Brown, under pressure from Mr Soros, procuring FTI's resignation from its account with BSGR in November 2012."
BSGR specialises in iron ore, bauxite and uranium. It has been investing in Guinea since 2006, but has had difficulties in the African state since Alpha Condé was elected President in 2010. He has reformed the country's mining industry, enlisting Mr Soros as an adviser.
According to Mr Steinmetz and his advisers, Mr Condé has stopped all mining development.
Dag Cramer, the chief executive of Onyx Financial Advisors UK, which is advising the claimants, said: "Whilst purporting to be acting in our best interests, Lord Malloch-Brown was in fact serving to cause us enormous damage by facilitating George Soros and his NGOs which, we believe, facilitated a campaign of smears and innuendoes.
FTI said it would "defend this claim vigorously". Mr Soros could not be reached for comment.
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Now we know whose fault it is if you end up being murdered in Thailand
- 5 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...