Dhaka, Jan. 23 -- In a landmark verdict in one of the mining world's most high profile legal cases, a Swiss criminal court found Israeli businessman Beny Steinmetz guilty of corruption and forgery on Friday and sentenced him to five years in jail with a sizeable fine.

The ruling after a two-week trial is a blow for Steinmetz, a diamond trader, whose pursuit of the world's richest uptapped deposits of iron ore put him at the centre of a battle that has triggered probes and litigation around the world.

Steinmetz said he would appeal the verdict, which also included a 50 million Swiss francs ($56.48 million) fine, reports Reuters.

"It is a big injustice," he told reporters in the courtyard of the Geneva courthouse.

Steinmetz and two othe...