Israeli police arrest tycoon suspected of bribery in Guinea

Israeli police have arrested billionaire businessman Beny Steinmetz on suspicion of bribing officials in the west African country of Guinea.

Police spokesman Micky Rosenfeld says Steinmetz was detained Monday and placed under house arrest for two weeks. Rosenfeld said the prominent businessman is suspected of money laundering and bribing public officials in Guinea to promote his business interests there. The arrest was a result of a joint investigation with agencies in the United States, Switzerland and Guinea.

The Israeli-born Steinmetz resides in Geneva and is a global player in the diamond-mining industry.

A mineral-rich but deeply impoverished country, Guinea has long endured corruption while trying to exploit its natural resources. Steinmetz's BSG Resources previously had its mining license revoked in Guinea because of corruption charges.