A UN Tribunal set up after the 2005 assassination of former Lebanese Prime Minister Rafik Hariri will have to close in July if it doesn’t find urgent funding, it has warned.
The Special Tribunal for Lebanon’s (STL) warning came after weeks of reports that the body was facing a financial crisis, and barely two weeks before the start of its second major trial.
The court’s Registrar David Tolbert said cost-cutting efforts had failed to ensure the tribunal’s survival.
“Despite taking in significant cuts of staff and across the board reductions, without additional funding the Tribunal will be forced to close its doors in the coming months, leaving important cases unfinished to the detriment of victims, the fight against impunity, and the role of law.”
Fifty-one per cent of the tribunal’s budget comes from foreign donations and the UN’s general budget, with the remaining 49 per cent from the Lebanese state.
Yet a crippling financial crisis and the pandemic have left Beirut unable to fulfil these financial commitments, and in March the UN granted $15.5 million in additional funding to cover much of the Lebanese contribution, yet still, the money is short.
A statement on the STL website said: “The STL is highly distressed by the impact of this situation on the victims of the attacks within its jurisdiction, who placed their hope and trust in international criminal justice.
“For Lebanon, the international community and victims of terror, the STL’s proceedings establish important facts, recognise the harm suffered by the victims and Lebanese society, and send a strong message globally that terrorism will not go unpunished.”
Last year the STL, established by a United Nations Security Council resolution, found Salim Ayash guilty in absentia of the murder of Rafik Hariri.
A second trial is due to begin later this month with Ayash the prime suspect in three other bombings from the same period.
Olga Kavran, who managed the STL's Outreach and Legacy efforts, says that the impending second trial is an integral part of the court’s mandate.
"The STL has been insisting for years that it is not just the Hariri Tribunal," she told The National.
“The pretrial judge at the request of the prosecutor established years ago that these three attacks are connected [to the Hariri assassination] in a way that the statue requires these to be,” she said.
“So we cannot speak about a more or less important case – they are all under the jurisdiction of the tribunal.
“It would be an absolute travesty for the tribunal to end without actually completing the mandate with which it has been entrusted.”
A similar message was sounded last week in the publication of a letter from lawyers representing the victims which said allowing the tribunal to fail for financial reasons would send a negative message to those awaiting justice.
In the letter, the lawyers referred to the STL as "the last hope for rule of law and justice in Lebanon".
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
The five pillars of Islam
HAJJAN
%3Cp%3EDirector%3A%20Abu%20Bakr%20Shawky%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3EStarring%3A%20Omar%20Alatawi%2C%20Tulin%20Essam%2C%20Ibrahim%20Al-Hasawi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Global state-owned investor ranking by size
|
1.
|
United States
|
|
2.
|
China
|
|
3.
|
UAE
|
|
4.
|
Japan
|
|
5
|
Norway
|
|
6.
|
Canada
|
|
7.
|
Singapore
|
|
8.
|
Australia
|
|
9.
|
Saudi Arabia
|
|
10.
|
South Korea
|
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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.”
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory