The Pisces VI submarine at a Lebanese Navy base, in Tripoli, north Lebanon. AP
The Pisces VI submarine at a Lebanese Navy base, in Tripoli, north Lebanon. AP
The Pisces VI submarine at a Lebanese Navy base, in Tripoli, north Lebanon. AP
The Pisces VI submarine at a Lebanese Navy base, in Tripoli, north Lebanon. AP

Submarine in Lebanon finds seven bodies from April boat tragedy


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A submarine in Lebanon has found the remains of at least seven people who died when their boat sank off the Lebanese coast earlier this year as they sought to migrate to Italy, the naval officials said.

The boat, carrying around 80 Lebanese, Syrians and Palestinians, went down more than five kilometres from the northern port of Tripoli, following a clash with the Lebanese Navy.

Seven bodies were recovered the night of the incident including a child, while 48 survivors were pulled from the Mediterranean.

According to Lebanese Navy estimates, 30 people died.

Since Monday, a three-crew Pisces VI submarine has been searching for the remains. The vessel was located on Wednesday, at a depth of 450 meters.

The circumstances of the sinking remain disputed. Survivors say their vessel was rammed by the Lebanese Navy, while the military claims the migrant boat collided with a naval vessel while trying to get away.

Scott Waters, who operated the submarine, told reporters in Tripoli on Friday that the first body they found was outside the wreck.

He said the crew identified six more bodies inside the sunken vessel and a substantial amount of debris around it. Some people who tried to escape the boat, he assumed, got “tangled in that debris.”

Mr Waters said the last image the crew took was of the remains of two people who died in each other's arms.

Tom Zreika, a Lebanese Australian and the chairman of charity AusRelief that helped bring the submarine to Lebanon, said the boat was a “fair degree under silt,” making it difficult to retrieve it.

Mr Zreika said the next task for Lebanon is raising the vessel, though that would be a difficult task.

Commander of the Lebanese Navy, Col Haitham Dinnawi, said the video footage taken by the submarine will be handed over to the judiciary as it investigates the sinking.

Tripoli MP Ashraf Rifi helped lease the submarine for cash-strapped Lebanon through Mr Zreika and his own brother, Jamal Rifi, who lives in Sydney.

Mr Rifi and Mr Zreika told The Sydney Morning Herald last month that an anonymous donor had given $295,000 to lease the submarine.

The April sinking was the greatest migrant tragedy for Lebanon in recent years and put the government further on the defensive at a time when the country is in the grip of a devastating financial collapse.

With a population of about six million people — including one million Syrian refugees — Lebanon has been mired since 2019 in an economic meltdown that has plunged three quarters of the population into poverty and led to widespread shortages of basic necessities.

Once a country that received refugees, Lebanon has become a launching pad for dangerous migration by sea to Europe.

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

RESULTS

Welterweight

Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)

(Unanimous points decision)

Catchweight 75kg

Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)

(Second round knockout)

Flyweight (female)

Manon Fiorot (FRA) beat Corinne Laframboise (CAN)

(RSC in third round)

Featherweight

Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki

(Disqualification)

Lightweight

Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)

(Unanimous points)

Featherweight

Yousef Al Housani (UAE) beat Mohamed Fargan (IND)

(TKO first round)

Catchweight 69kg

Jung Han-gook (KOR) beat Max Lima (BRA)

(First round submission by foot-lock)

Catchweight 71kg

Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)

(TKO round 1).

Featherweight title (5 rounds)

Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

(TKO round 1).

Lightweight title (5 rounds)

Bruno Machado (BRA) beat Mike Santiago (USA)

(RSC round 2).

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.”

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Updated: August 26, 2022, 5:55 PM