Relatives of those killed in last year's massive Beirut port explosion have accused Lebanon's former prime minister Hassan Diab of “running away” from investigators after heading to the US on holiday despite a hearing scheduled for Monday.
Mr Diab said he was visiting the US for four weeks, via Istanbul, to see his two sons who are studying medicine in America.
Lead investigative judge Tarek Bitar summoned Mr Diab for questioning on Monday but it is now unclear if and when Mr Diab, who was prime minister at the time of the blast, will appear.
The investigation into the causes of the blast, which killed more than 200 people, has stalled since August 2020 with numerous top officials refusing to appear to answer questions. Families of the victims have vowed to maintain pressure on politicians and the judiciary to ensure there is justice.
“We think he is fleeing from the investigation and this is incriminating evidence against him,” Ibrahim Hoteit, a representative for the families, told The National via phone.
“We will ask the investigative judge to work on bringing him back, through Interpol for example.”
Mr Hoteit lost his brother in the explosion and has led efforts to demand a fair investigation and to pressure officials into complying with the law.
Mr Diab also failed to appear before the investigators when summoned on August 26.
Tatiana Hasrouty, whose father was killed in the blast, said Mr Diab was shirking his responsibilities.
“Couldn't he postpone his flight for a week to be questioned in a crime that killed more than 200,” she said.
“It's quite clear that his plan is to leave, bearing no responsibility.”
Mr Diab's office did not respond to requests for comment on his trip or his plans to appear before the probe.
Earlier this year Mr Diab was charged, along with three former ministers and MPs, with negligence in relation to the explosion.
The blast devastated parts of the capital, injuring more than 6,500 people and leaving hundreds of thousands homeless.
Mr Diab is the highest-ranking former official that Mr Bitar has summoned.
The victims' families held protests this week to demand those summoned for questioning actually appear before the investigative judge.
Former army chief Jean Kahwaji appeared for questioning on Monday.
Former public works and transportation minister Youssef Fenianos is set to appear on Thursday, but Mr Hoteit said the judiciary had given him an excuse to avoid facing questions.
Mr Fenianos appealed against being summoned, saying he should be tried before a special court for ministers and presidents.
“This is an imaginary court that exists only on paper. Since 1991 it has not prosecuted anyone,” Mr Hoteit said, adding that the families planned to protest against the judiciary if they did not reject Mr Fenianos' request.
Families of victims appealed again to the international community again on Wednesday calling for the establishment of an independent investigation into the causes of the blast.
Human Rights Watch has accused local authorities of failing to hold those responsible for the explosion to account.
“More than a year after the explosion, Lebanese leaders continue to obstruct, delay, and undermine the domestic investigation,” said Aya Majzoub, Lebanon researcher at Human Rights Watch.
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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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.”
UAE currency: the story behind the money in your pockets
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now