The death in southern Lebanon of a local official from the Lebanese Forces, parliament’s largest political party, has led to the opening of a security forces investigation during heightened tension in the country.
Elias Hasrouni, 72, was a co-ordinator for the LF in the Bint Jbeil region and a resident of Ain Ebel, a village only a few kilometres from the UN-patrolled Blue Line that separates Lebanon and Israel.
Mr Hasrouni was found dead in his car by local villagers last Wednesday. He had a head injury and it appeared that he had a car accident.
But this narrative was not accepted by the LF and some family members and associates.
“The car didn’t look like it had had an accident,” an LF source told The National.
Friends and family then went around the area asking locals if anyone had any cameras installed that could have shed light on what happened. Earlier this week, they had a breakthrough.
“They found footage showing that his car was obstructed by a convoy of SUVs,” the source said, adding that they were armed. His car appears to then have been escorted away.
After the information was shared with security officials, the LF source said Mr Hasrouni’s buried body was dug up.
The autopsy showed that he had been beaten with a pistol and strangled.
A security source confirmed to The National that an investigation has been launched, describing it as a “normal step”, without giving further details.
LF leader Samir Geagea released a statement saying that recent developments had “undoubtedly revealed” that the death of Mr Hasrouni “was not the result of an accident”.
“Elias was a victim of an ambush by at least two cars, concealing six to nine persons, who obstructed the passage of Elias and kidnapped him, driving him to another location where they have murdered him,” Mr Geagea said.
“These new evidences are now in the possession of the security agencies, particularly the Lebanese Armed Forces Intelligence Directorate and the Internal Security Forces Information Branch.”
While politics in the deep south is dominated by Shiite groups Amal and Iran-backed armed group Hezbollah, there are Christian areas there too.
The LF put forward a candidate in the region for the 2018 parliamentary elections, but refrained from doing so in last year's legislative poll.
There will be questions over whether Hezbollah – to which the LF is deeply opposed – is responsible, although that is unclear at the moment and fingers are not being publicly pointed at the group.
The powerful and influential group has a history of assassinating its rivals and southern Lebanon is one its main strongholds.
“In this part of Lebanon, people tend to think it is fully Shiite and under the control of Hezbollah. It is not,” the LF source said.
The LF is urging Lebanon’s state and security institutions to take action and prevent any unrest.
The killing comes at a time of particularly heightened intercommunal tension in Lebanon, which is in the middle of an economic crisis and an unprecedented governance vacuum.
On Wednesday night, a Hezbollah lorry carrying ammunition overturned in Kahaleh, a Christian town in the hills overlooking the capital, Beirut.
Hezbollah gunmen escorting the lorry then engaged in a shoot-out with local residents, leading to two deaths – one from each side.
Lebanon has been without a president since Michel Aoun left the palace in Baabda at the end of last October.
In 12 sessions, the deeply divided parliament – where no faction holds a majority – has been unable to agree on a successor.
In the most recent session in June, the main Lebanese Christian parties – as well as some independent MPs – backed Jihad Azour, a former finance minister and regional director at the International Monetary Fund.
Meanwhile, the Shiite groups voted for Suleiman Frangieh, a close friend of Syrian President Bashar Al Assad.
These events come with Prime Minister Najib Mikati’s cabinet operating under caretaker status, and thus severely restricted in its power.
Semi-final fixtures
Portugal v Chile, 7pm, today
Germany v Mexico, 7pm, tomorrow
KILLING OF QASSEM SULEIMANI
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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.”
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