• Usain Bolt prepares to compete in the men’s 100m final during the athletics at the Rio 2016 Olympic Games at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Jeff Pachoud / AFP
    Usain Bolt prepares to compete in the men’s 100m final during the athletics at the Rio 2016 Olympic Games at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Jeff Pachoud / AFP
  • Usain Bolt prepares to compete during the men’s 100m final of the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro, Brazil, 14 August 2016. Bolt won the gold medal. Yoan Valat / EPA
    Usain Bolt prepares to compete during the men’s 100m final of the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro, Brazil, 14 August 2016. Bolt won the gold medal. Yoan Valat / EPA
  • Usain Bolt (C) prepares to compete in the men’s 100m final during the athletics at the Rio 2016 Olympic Games at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Jeff Pachoud / AFP
    Usain Bolt (C) prepares to compete in the men’s 100m final during the athletics at the Rio 2016 Olympic Games at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Jeff Pachoud / AFP
  • Usain Bolt (3rd L) prepares to compete in the men’s 100m final during the athletics at the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Jeff Pachoud / AFP
    Usain Bolt (3rd L) prepares to compete in the men’s 100m final during the athletics at the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Jeff Pachoud / AFP
  • (L-R)Jamaica’s Yohan Blake, Ivory Coast’s Ben Youssef Meite, Canada’s Andre De Grasse, Jamaica’s Usain Bolt, France’s Jimmy Vicaut, USA’s Justin Gatlin, South Africa’s Akani Simbine and USA’s Trayvon Bromell compete in the men’s 100m final at the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Jeff Pachoud / AFP
    (L-R)Jamaica’s Yohan Blake, Ivory Coast’s Ben Youssef Meite, Canada’s Andre De Grasse, Jamaica’s Usain Bolt, France’s Jimmy Vicaut, USA’s Justin Gatlin, South Africa’s Akani Simbine and USA’s Trayvon Bromell compete in the men’s 100m final at the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Jeff Pachoud / AFP
  • Usain Bolt (C) at the start of the men’s 100m final of the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro, Brazil, 14 August 2016. Ettore Ferrari / EPA
    Usain Bolt (C) at the start of the men’s 100m final of the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro, Brazil, 14 August 2016. Ettore Ferrari / EPA
  • Usain Bolt (2-L), Justin Gatlin (2-R), Andre de Grasse (L), Akani Simbine (R) and Jimmy Vicaut (C) in action in the men’s 100m final race of the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro, Brazil, 14 August 2016. Dean Lewins / EPA
    Usain Bolt (2-L), Justin Gatlin (2-R), Andre de Grasse (L), Akani Simbine (R) and Jimmy Vicaut (C) in action in the men’s 100m final race of the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro, Brazil, 14 August 2016. Dean Lewins / EPA
  • Usain Bolt (C) competes in the men’s 100m Final during the Rio 2016 Olympic Games at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Damien Meyer / AFP
    Usain Bolt (C) competes in the men’s 100m Final during the Rio 2016 Olympic Games at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Damien Meyer / AFP
  • eUsain Bolt (C) reacts after winning the men’s 100m final of the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro, Brazil, 14 August 2016. Srdjan Suki / EPA
    eUsain Bolt (C) reacts after winning the men’s 100m final of the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro, Brazil, 14 August 2016. Srdjan Suki / EPA
  • Usain Bolt (R) crosses the finish line ahead of Justin Gatlin (3rd down) to win the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. John MacDougall / AFP
    Usain Bolt (R) crosses the finish line ahead of Justin Gatlin (3rd down) to win the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. John MacDougall / AFP
  • Usain Bolt (C) crosses the finish line in the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Fabrice Coffrini / AFP
    Usain Bolt (C) crosses the finish line in the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Fabrice Coffrini / AFP
  • Usain Bolt crosses the finish line of the men’s 100m final ahead of silver medallist Justin Gatlin during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Fabrice Coffrini / AFP
    Usain Bolt crosses the finish line of the men’s 100m final ahead of silver medallist Justin Gatlin during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Fabrice Coffrini / AFP
  • Usain Bolt (2ndL) crosses the finish line to win the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Olivier Morin / AFP
    Usain Bolt (2ndL) crosses the finish line to win the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Olivier Morin / AFP
  • Usain Bolt wins the men’s 100m final on Day 9 of the Rio 2016 Olympics at the Olympic Stadium on August 14, 2016 in Rio de Janeiro, Brazil. Paul Gilham / Getty Images
    Usain Bolt wins the men’s 100m final on Day 9 of the Rio 2016 Olympics at the Olympic Stadium on August 14, 2016 in Rio de Janeiro, Brazil. Paul Gilham / Getty Images
  • Usain Bolt celebrates winning the gold medal in the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Kai Pfaffenbach / Reuters
    Usain Bolt celebrates winning the gold medal in the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Kai Pfaffenbach / Reuters
  • Usain Bolt celebrates after he won the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Toshifumi Kitamura / AFP
    Usain Bolt celebrates after he won the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Toshifumi Kitamura / AFP
  • Usain Bolt celebrates winning the gold medal from the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Kai Pfaffenbach / Reuters
    Usain Bolt celebrates winning the gold medal from the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Kai Pfaffenbach / Reuters
  • An overview shows Usain Bolt posing for a picture after winning the men’s 100m final at the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Antonin Thuillier / AFP
    An overview shows Usain Bolt posing for a picture after winning the men’s 100m final at the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Antonin Thuillier / AFP
  • Jamaica’s Usain Bolt claps as he celebrates after he won the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Jewel Samad / AFP
    Jamaica’s Usain Bolt claps as he celebrates after he won the men’s 100m final during the Rio 2016 Olympics at the Olympic Stadium in Rio de Janeiro on August 14, 2016. Jewel Samad / AFP

Business

Money

Usain Bolt missing $12.7m in alleged fraud, lawyer says

Only $12,000 remains in the Jamaican sprinter’s investment account

Deepthi Nair
Deepthi Nair

January 19, 2023

  • English
  • Arabic

A lawyer for Usain Bolt, one of the world's greatest sprinters, said on Wednesday that more than $12.7 million was missing from his account with Stocks & Securities Limited (SSL), a private investment company in Jamaica.

Bolt had $12.8 million in the account, which was part of his retirement savings, but it now reflects a balance of only $12,000, the lawyer said, according to a copy of a letter sent to SSL that was provided to AP.

Watch: Usain Bolt takes part in Expo 2020 Dubai run

“If this is correct, and we are hoping it is not, then a serious act of fraud, larceny or a combination of both have been committed against our client,” Bolt’s lawyer said in the letter, which also demanded that the money be returned.

They threatened civil and criminal action if the money is not returned within 10 days.

The Jamaican sprinter, 36, has a net worth of $90 million, according to wealth-tracking platform Celebrity Net Worth.

At his peak, Bolt was one of the highest-paid athletes in the world after winning eight Olympic gold medals, the website said.

He also claimed 11 world titles and set world records in the 100-metre and 200-metre sprint events.

Bolt, who retired in 2017, is one of the highest-paid athletes in the world and earned $20 million to $30 million a year in the years leading up to the Olympics, Celebrity Net Worth said.

On its website, SSL asked clients to direct all urgent queries to Jamaica’s Financial Services Commission, which is investigating the company.

“We understand that clients are anxious to receive more information and assure you that we are closely monitoring the matter throughout all the required steps and will alert our clients of the resolution as soon as that information is available,” SSL said.

On January 12, the FSC said it was aware of allegations of fraud at the company. The regulator gave orders to allow SSL to operate under “enhanced oversight”.

The FSC also appointed a special auditor to look into fraud allegations against SSL on Monday.

However, on Tuesday, the FSC said it was assuming temporary management of SSL, which will be allowed to continue operating with approval from the government for any transactions.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

Score

Third Test, Day 1

New Zealand 229-7 (90 ov)
Pakistan

New Zealand won the toss and elected to bat

The specs

Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km

RESULTS

5pm: Maiden (PA) Dh80,000 1,600m
Winner: Raghida, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh80,000 1,600m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m 
Winner: Basmah, Fabrice Veron, Eric Lemartinel
6.30pm: Liwa Oasis Group 2 (PA) Dh300,000 1,400m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: SS Jalmod, Richard Mullen, Satish Seemar
7.30pm: Handicap (TB) Dh100,000 1,600m
Winner: Trolius, Ryan Powell, Simon Crisford

Mohammed bin Zayed Majlis
Explained
Results

3pm: Maiden Dh165,000 (Dirt) 1,400m, Winner: Lancienegaboulevard, Adrie de Vries (jockey), Fawzi Nass (trainer).

3.35pm: Maiden Dh165,000 (Turf) 1,600m, Winner: Al Mukhtar Star, Adrie de Vries, Fawzi Nass.

4.10pm: Handicap Dh165,000 (D) 2,000m, Winner: Gundogdu, Xavier Ziani, Salem bin Ghadayer.

4.45pm: Handicap Dh185,000 (T) 1,200m, Winner: Speedy Move, Sean Kirrane, Satish Seemar.

5.20pm: Handicap Dh185,000 (D) 1,600m, Winner: Moqarrar, Dane O’Neill, Erwan Charpy.

5.55pm: Handicap Dh175,000 (T) 1,800m, Winner: Dolman, Richard Mullen, Satish Seemar.

Springsteen: Deliver Me from Nowhere

Director: Scott Cooper

Starring: Jeremy Allen White, Odessa Young, Jeremy Strong

Rating: 4/5

Updated: January 19, 2023, 1:31 PM
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