Israeli billionaire diamond-mining magnate Beny Steinmetz was arrested on suspicion of international bribery and money laundering.
Steinmetz is accused of paying millions of dollars in bribes to officials in the Republic of Guinea, where he owns a mining company that had won mining rights in Guinea, in order to assist his business interests, according to reports citing the Israel Police. The mining company, BSG Resources, in a statement said that the allegations are not true.
Steinmetz was questioned Monday by an Israel Police anti-corruption unit and later arrested. His home and offices also were searched.
The arrest comes after a joint investigation with law enforcement agencies in the United States, Switzerland and Guinea. Steinmetz remains under house arrest for the next two weeks after reportedly posting bail of $25.86 million in cash and properties.