Illustration of Richard Blaksey by Christopher Burke for The National
Illustration of Richard Blaksey by Christopher Burke for The National
Illustration of Richard Blaksey by Christopher Burke for The National
Illustration of Richard Blaksey by Christopher Burke for The National

Richard Blaksley: The sleuth who will root out the truth every time


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In February 1997, Richard Blaksley received an anonymous phone call that offered information to recover hundreds of million dollars of assets being sought by the Pakistani government.

Five days earlier, he had leaked to the press that his private investigations company was on the hunt for assets belonging to Benazir Bhutto, the ousted prime minister of Pakistan, then accused of corruption by her opponents.

The leak was exactly the bait needed. Putting the phone down, Mr Blaksley took an untraceable private jet to Switzerland to meet the anonymous source at the Beau-Rivage hotel on Lake Geneva.

There, the rat laid out file after file of Bhutto's bank statements, her signatories to trust arrangements and the structure of her Cayman Islands accounts.

But crucially, important details were blacked out.

"If I had run off with the files, it wouldn't have given us the answers," explains Mr Blaksley. "But it was clearly genuine stuff."

Then, like a line out of a James Bond film, the source said: "I can see I have got your attention" and asked for US$10 million (Dh36.7m) to disclose all the details in the files.

"I said that's beyond my pay grade so I'll have to go and talk to my client," explains Mr Blaksley, 51, who is now chief executive of a corporate intelligence and investigations firm, GPW, based in London and Dubai.

The firm was set up in 2004 by three previous employees of Kroll, one of the biggest industry players, and it is now expanding its office in Dubai.

The former head of Kroll in Europe and in Asia, Mr Blaksley joined his old colleagues Patrick Grayson, Peter Pender-Cudlip and Andrew Wordsworth - the G,P and W — in 2006 to lead the company.

But back in 1997, Mr Blaksley was still making a name for himself as he uncovered Bhutto's assets.

"One of the rules in this game is you never ignore a walk-in. We have a lot of walk-ins and time-wasters, and just sometimes they are not," he explains. "A little while later an action was brought in Switzerland that froze a lot of assets."

The Bhutto assets were subsequently subject to a number of long legal battles and actions were eventually dropped, without conviction.

But that did not matter for Mr Blaksley, who had proven himself to be a shrewd private investigator.

Before entering the industry, Mr Blaksley started life in London, where he attended the prestigious Westminster School. Leaving in 1979, he took a year out before training to be an officer in the British army at Royal Military Academy Sandhurst.

"My first gig when leaving school was working for Mother Teresa in Calcutta, which I did in lieu of not knowing what else to do," explains Mr Blaksley.

"So I went to Westminster School, Mother Teresa in Calcutta, then I was largely directionless and I went to the army partly because I wanted to fly helicopters. For various reasons that didn't work out."

Mr Blaksley did army stints in Northern Ireland, Beirut and Cyprus, which he describes with typical British nonchalance as "all cracking stuff".

In 1983, he was part of a peacekeeping force in Beirut during the civil war.

"It was a remarkable testament to the resilience of the Lebanese and Beirut as a city," reminisces Mr Blaksley. "There would be a car bomb in Hamra, and it would shatter half the length of the street and the following day the jewellery shops would open up again and people would be trading."

After six years in the army, Mr Blaksley followed many of his school peers into the razzmatazz and pomp of London finance in the 1980s.

Working for New Japan Securities as the self-proclaimed "world's worst bond trader", he quickly moved into selling arms for Alvis, the defence manufacturer now part of BAE Systems.

"I was a bad bond trader in an insignificant cog in a machine that I despised. It wasn't for me," he explains.

Working for three years at Alvis, Mr Blaksley sold tanks to Western African governments, gaining a deep understanding of Liberia and Sierra Leone.

After a while, though, the knowledge that he was selling weapons began to leave a sour taste in his mouth.

"I can make the argument that every sovereign nation has the right to defend its borders, but I went to a defence conference near Heathrow in London and I met a guy who was selling landmines and was boasting that they were entirely plastic so they couldn't be found," he says.

"This is stuff designed to blow people's legs off. I found it all generally a little uncomfortable."

But Mr Blaksley's time at Alvis was extremely valuable.

He subsequently set up a risk consultancy advising on West Africa and was hired by Kroll for a project. A week as a consultant became a career of more than 20 years.

He would eventually leave what is generally deemed the world's biggest intelligence and investigations firm because he was too often bogged down in bureaucracy.

"I was having no fun at all and I just wanted to get back to what the business was about," says Mr Blaksley.

So what exactly was that? Well, not all cloak and daggers and tracing potential criminals' assets.

A lot of what GPW does is advise clients about the political risks to investing in a country or it does the due diligence on a company ahead of a merger or acquisition.

"People walk into our office and ask us bizarre questions every day, and there's always a commercial imperative behind them. But they are questions that are not able to be answered by their lawyers, their accountants or bookmakers so they come to us," explains Mr Blaksley.

"We say somebody somewhere on the face of the Earth knows the answer to this question or knows part of the answer. We find out who they are and how we can get to them."

And although much of the work is closer to being an astute librarian researcher than a spy in the private sector, much of it is very exciting.

In December 2000, Mr Blaksley helped to put the notorious Pirate of Prague, Viktor Kozeny, behind bars in the Bahamas, and various partners at GPW have also helped track down sovereign assets plundered by Saddam Hussein in Iraq, Ferdinand Marcos in the Philippines and Sani Abacha in Nigeria, among others.

"We are completely unembarrassed about the lengths we will go to get our information so long as it's legal," explains Mr Blaksley. "So if it means bunging some bloke who's not a government official then we are OK doing that."

The work of a private investigator is cynical and sceptical to provide the right information to a client.

It is about asking questions, which more often than not are negative in nature. So does Mr Blaksley take such realism and pessimism into his everyday life?

"If you are not careful, what we do can help you develop a slightly distorted sense of how the world works," he says. "It's not a representative pool of society because actually the world is 99.9 per cent made up of decent people. We spend our lives looking at the 0.1 per cent who aren't."

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Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
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Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

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UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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.”

UK’s AI plan
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  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
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