Ayatollah Ali Khamenei has reportedly ordered an amnesty for prisoners accused of demonstrating against the Iranian regime. Wana / Reuters
Ayatollah Ali Khamenei has reportedly ordered an amnesty for prisoners accused of demonstrating against the Iranian regime. Wana / Reuters
Ayatollah Ali Khamenei has reportedly ordered an amnesty for prisoners accused of demonstrating against the Iranian regime. Wana / Reuters
Ayatollah Ali Khamenei has reportedly ordered an amnesty for prisoners accused of demonstrating against the Iranian regime. Wana / Reuters

Iran's supreme leader pardons arrested protesters, state media says


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Iran's supreme leader Ayatollah Ali Khamenei has pardoned "tens of thousands" of prisoners, including many arrested in recent anti-government protests over security-related charges, state media reported on Sunday.

Mr Khamenei was said to have been acting on a request from the head of the judiciary.

"Prisoners not facing charges of spying for foreign agencies, having direct contact with foreign agents, committing intentional murder and injury, committing destruction and arson of state property, or not having a private plaintiff in their case will be pardoned," state media said.

It is the first time Tehran has recognised the scale of its crackdown on protesters, although it has not said how many are behind bars nor offered a death toll for several months.

According to the HRANA activist news agency, about 20,000 people have been arrested over anti-government protests sparked by the death in police custody of Mahsa Amini in September.

Many of those detained are taken to secret prisons and other unknown locations, while others are held without charge in overcrowded sites such as Evin prison in Tehran, notorious for torture and other human rights violations.

The pardons were announced in honour of the anniversary of Iran's 1979 Islamic revolution. There was no comment or reason given for the pardons from Mr Khamenei.

People who buy or sell firearms, drugs and alcohol smugglers and those found guilty of crimes against "internal or external security" are excluded from the amnesty.

The judiciary did not name any specific people included in the pardon.

More than 500 people have been killed since the wave of protests began, most shot dead by security forces and members of the Basij, a paramilitary branch of the Islamic Revolutionary Guard Corps (IRGC).

Some families of the dead have also been pressured into silence and summoned for questioning after speaking out against the regime, according to human rights groups.

Four protesters have been executed and dozens more are on death row accused of joining the protests, with many convicted in what activists and human rights organisations have condemned as sham trials.

In one instance, a young man executed last month for supposed involvement in a murder was given only 15 minutes to plead his case.

The judiciary has allowed some appeals but continues to pursue the death penalty.

In January, Amnesty International called on Iran to "immediately" quash the death sentence handed to three protesters subjected to "gruesome torture".

It said they had been sexually abused and forced to confess under torture.

All of the executed protesters were accused of murdering security guards, and found guilty of moharebeh, or enmity against God.

Authorities also often accuse government dissidents or dual citizens of foreign espionage with no accompanying evidence.

Last month, Iran executed British-Iranian citizen Ali Reza Akbari who had been charged with spying for Britain.

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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: February 05, 2023, 3:50 PM