Lebanon has asked Russia to provide satellite images taken on the day of the massive Beirut port explosion that killed more than 215 people and destroyed large parts of the capital last year.
President Michel Aoun made the request during a meeting with Russia’s Ambassador to Lebanon Alexander Rudakov on Friday.
Russian President Vladimir Putin recently said Russia was ready to assess Lebanon’s request for satellite images if it helps with the investigation.
“President Aoun…formally asked Ambassador Rudakov to inform the Russian authorities of Lebanon's interest in obtaining these images, which could provide additional information that could benefit the probe,” a statement by the president’s office said.
The probe into the blast has suffered several setbacks since its launch more than a year ago, with the Iran-backed Hezbollah and its allies recently accusing the lead investigator of political bias.
Judge Tarek Bitar had indicted five senior officials among others for criminal negligence in connection with the blast.
Among those indicted is former prime minister Hassan Diab, who stepped down following the explosion, along with four ex-ministers, including two members of speaker Nabih Berri’s parliamentary bloc.
All five had snubbed Mr Bitar’s summons, arguing he had no authority to prosecute them in line with the constitution.
More than a year after the blast, it remains unclear what triggered the explosion of hundreds of tons of ammonium nitrate, who owned the explosive chemicals or why they were stored at the port for more than six years.
Media reports have linked the explosive fertilisers to businessmen close to Syrian President Bashar Assad, a staunch ally of Hezbollah.
A protest led by Hezbollah earlier this month to demand the removal of Mr Bitar ended in bloodshed after demonstrations turned into armed clashes that left seven dead.
Hezbollah has accused its political rival, the Christian Lebanese Forces party (LF), of firing at protestors to instigate civil strife. The LF has denied the accusations, arguing that Hezbollah’s loyalists fuelled the clashes with local residents after storming and vandalising property in areas that used to separate Christian and Shiite neighbourhoods during Lebanon’s 15-year civil war.
Ministers affiliated with the Iran-backed party and their allies have since blocked the government from convening, arguing it must first replace Mr Bitar.
Mr Bitar replaced Judge Fadi Sawan who was ousted by the Supreme Court after two former ministers questioned his impartiality.
The Supreme Court has yet to rule on three lawsuits filed by Mr Diab and two other ministers, claiming he violated the law by prosecuting senior officials who should instead be tried before a special body that comprises senior judges and parliamentarians.
The lawsuits forced Mr Bitar to suspend hearing sessions that had been scheduled this week for Mr Diab and two ex-ministers.
The resignation of Mr Diab's government following the blast left Lebanon without a functioning Cabinet for more than a year, accelerating the country's financial meltdown and economic woes.
Earlier this year, the World Bank described Lebanon's crisis as one of the most severe globally since the 1850s.
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.”
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
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