Mirza Fakhrul Islam Alamgir, leader of the Bangladesh Nationalist Party, accuses ousted PM Sheikh Hasina of plotting to thwart the recent uprising in the country. EPA
Mirza Fakhrul Islam Alamgir, leader of the Bangladesh Nationalist Party, accuses ousted PM Sheikh Hasina of plotting to thwart the recent uprising in the country. EPA
Mirza Fakhrul Islam Alamgir, leader of the Bangladesh Nationalist Party, accuses ousted PM Sheikh Hasina of plotting to thwart the recent uprising in the country. EPA
Mirza Fakhrul Islam Alamgir, leader of the Bangladesh Nationalist Party, accuses ousted PM Sheikh Hasina of plotting to thwart the recent uprising in the country. EPA

Bangladesh Nationalist Party asks India to extradite former PM Sheikh Hasina


Taniya Dutta
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Bangladesh's main opposition party has asked India to extradite former prime minister Sheikh Hasina to face trial for alleged crimes after she fled Dhaka amid deadly student protests demanding her removal from office.

Ms Hasina resigned abruptly and fled to the Indian capital New Delhi on August 5 after demonstrators stormed her residence in the Bangladeshi capital, culminating weeks of deadly protests by students against a government job policy that became a nationwide movement against her nearly 16-year rule.

Mirza Fakhrul Islam Alamgir, secretary general of Bangladesh Nationalist Party, made the plea to the Indian government. “It is our call to you that you should hand her over to the government of Bangladesh in a legal way," he said.

"The people of this country have decided to conduct her trial. Let her face that trial. He also accused Ms Hasina of starting "various plots to thwart the revolution that happened in Bangladesh".

Ms Hasina, 76, head of the Awami League party, is near New Delhi in a secure location, according to the Indian government and the leaders’ relatives, after fleeing Dhaka by helicopter.

She has been accused by critics of crushing her political rivals, including the main opposition, and her government has been under suspicion of human rights abuse, murder, abduction and extortion.

At least 15 cases of murder and “crimes against humanity” have been filed by police against Ms Hasina since she fled, including killings during the student-led movement.

Mohammad Abdul Alim lost his sight partially after being wounded by shotgun pellets during the uprising that ousted Sheikh Hasina in Dhaka, Bangladesh. AFP
Mohammad Abdul Alim lost his sight partially after being wounded by shotgun pellets during the uprising that ousted Sheikh Hasina in Dhaka, Bangladesh. AFP

More than 450 people, mostly students, were killed in July and August.

Three separate cases of “mass murder” are being investigated by the Bangladeshi War Crimes Tribunal, a body the former prime minister set up in 2010 to investigate crimes committed during the country's liberation war against Pakistan in 1971.

New Delhi, which has historically shared good relations with Ms Hasina, can turn down the request because Article 8 of the extradition treaty between the countries allows the signatories to refuse requests that have “not been made in good faith and in the interests of justice”.

A UN human rights team will visit Dhaka this week to discuss investigations into the allegations during the unrest with Bangladesh’s interim government, now led by Nobel laureate Muhammad Yunus.

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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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Fuel consumption: 6.9L/100km

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Glitterbeat 

Global state-owned investor ranking by size

1.

United States

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China

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Japan

5

Norway

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Canada

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Singapore

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Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

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Kolarov (56')

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

Updated: August 22, 2024, 2:54 AM