Reza Haghighatnejad. Photo: Radio Farda
Reza Haghighatnejad. Photo: Radio Farda
Reza Haghighatnejad. Photo: Radio Farda
Reza Haghighatnejad. Photo: Radio Farda

Iran's IRGC accused of 'kidnapping' body of exiled journalist before burial


Holly Johnston
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Iran's Islamic Revolutionary Guard Corps “kidnapped” the body of an exiled Iranian journalist when it was returned to Iran for burial, his former employer has said.

Reza Haghighatnejad, who worked for Radio Farda, a US-funded Farsi outlet based in Prague, died following a long battle with cancer on Tuesday.

IRGC forces took his body to an unknown location after his coffin arrived at Shiraz airport, Radio Farda said on Wednesday.

His family had reportedly resisted pressure to bury him in a cemetery outside of Shiraz.

Haghighatnejad was forced to leave Iran after increased pressure on journalists following the 2008 elections.

He focused on corruption in Iran during his three years at Radio Farda, it said, producing reports on the petrochemical industry and the IRGC itself.

His last tweet, on October 3, was a video of schoolgirls protesting in Karaj.

Dissident journalists in Iran are regularly targeted by authorities.

At least 40 journalists have been arrested since the latest protests began in mid-September, according to the Committee to Protect Journalists, which also said at least four were unaccounted for after a deadly fire at Evin prison on October 15.

Iran is the world's third biggest jailer of journalists.

In 2020, it executed journalist Ruhollah Zam, who had sought safety in France after the 2009 Green Movement protests. Reporter Without Borders said he was kidnapped and forcibly returned to Iran before being accused of espionage and “corruption on earth.”

At least 141 people have been killed since protests began over the death of Mahsa Amini on September 16.

The families of several protesters have claimed the IRGC has refused to release the bodies of protesters unless relatives deny they were killed by security forces.

IRGC forces also intervened in the funerals of the victims of Flight PS752, which was downed by the IRGC after take-off from Tehran's Imam Khomeini airport in January 2020, killing all 176 on board.

Families of the victims reported a heavy IRGC presence at burials and relatives were forced to bury their dead in “pre-selected graves.”

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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.”

Updated: June 19, 2023, 1:05 PM