"Suspected corruption in the conduct of business in the Republic of Guinea by the Rio Tinto group, its employees and others associated with it."
BSGR Mining News
The company, which could lose the arbitration as a result, will have to pay the amount to former partner Vale.
The Israeli billionaire, under house arrest since Dec. 19, has been at the centre of an international investigation into alleged bribery to win mining rights in Guinea.
The billionaire and other Israeli businessmen are suspected of paying tens of millions of dollars to senior state officials to secure a licence for Simandou, local police said.
BSGR will sue Rio Tinto in the English High Court to recover losses allegedly caused by Rio's actions, which run to several billions of dollars.
The UK High Court ruling is the latest setback BSG Resources, which is fighting on multiple legal fronts over the alleged corruption case.
Steinmetz and three BSGR directors argued that Global Witness had obtained personal information about them without authorization and wanted it to be forced to reveal what specific data it held.
The internal probe is reportedly focused on claims that BSGR bribed Guinean officials to get lucrative rights over Simandou.
Frederic Cilins, a French businessman who worked as an intermediary for BSGR in Guinea, became the first person to receive a criminal sentence in a corruption investigation.
BSGR denied any laws were broken and accused president Conde and his allies of attempting to steal BSGR’s assets.
Article published last year by a French newspaper, which said the magnate and his company had been part of a coup effort against Guinea’s current President, was based on fake documents.
Work on half of the giant Simandou concession in Guinea has been halted amid a corruption probe, but the door to a settlement between the Western African nation, Brazil's Vale and Beny Steinmetz's mining arm may be in the offing.
Beny Steinmetz Group's mining arm summoned to December hearings as part of probe into licences for Guinea's vast iron ore deposits.