Hindu leader Chinmoy Krishna Das is taken away in a police van on Tuesday in Chattogram, southeastern Bangladesh. AFP
Hindu leader Chinmoy Krishna Das is taken away in a police van on Tuesday in Chattogram, southeastern Bangladesh. AFP
Hindu leader Chinmoy Krishna Das is taken away in a police van on Tuesday in Chattogram, southeastern Bangladesh. AFP
Hindu leader Chinmoy Krishna Das is taken away in a police van on Tuesday in Chattogram, southeastern Bangladesh. AFP

Bangladesh arrests six over lawyer's death in unrest sparked by Hindu monk's sedition charge


Taniya Dutta
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Bangladeshi police have detained six people over the killing of a lawyer during clashes sparked by the arrest of a Hindu monk and community leader charged with sedition.

India expressed “deep concern” over the arrest of Chinmoy Krishna Das and urged Bangladesh to protect the country's Hindu minority in the wake of the violence, prompting a rebuke from authorities in Dhaka.

Mr Das, a spokesperson for Hindu religious organisation Sammilit Sanatan Jagran Jote and a leader of the International Society for Krishna Consciousness, was apprehended on Monday. He had been leading rallies demanding security for Hindus in Muslim-dominated Bangladesh and was accused of disrespecting the country’s national flag after hoisting a saffron flag over it. Saffron is a colour associated with radical Hindus.

The monk was detained at Hazrat Shahjalal International Airport in the capital Dhaka while travelling to the port city of Chattogram. A court sent him to jail, denying a petition for bail.

His arrest triggered widespread clashes between supporters and police outside the court. A prosecutor was killed in the violence, allegedly by backers of Mr Das, while at least 10 other people were injured. Six suspects in the killing were identified through video footage and arrested, according to a government statement.

Protesters also set fire to houses near the court building in Chattogram, local newspapers said. Arson and looting of homes and businesses belonging to minorities were reported as well as theft, vandalism and desecration of temples.

Police baton-charge protesters in Chittagong on Tuesday. AFP
Police baton-charge protesters in Chittagong on Tuesday. AFP

"We have noted with deep concern the arrest and denial of bail to Chinmoy Krishna Das," India's foreign ministry said in a statement on Tuesday.

“We also note with concern the attacks on minorities protesting peacefully against the arrest of Shri Das. We urge Bangladesh authorities to ensure the safety and security of Hindus and all minorities, including their right of freedom of peaceful assembly and expression.”

Dhaka called the arrest of Mr Das an “internal matter” and accused New Delhi of “misconstruing” events.

“It is with utter dismay and deep sense of hurt that the government of Bangladesh notes that the arrest of Sri Chinmoy Krishna Das has been misconstrued by certain quarters,” the Ministry of Foreign Affairs said.

It called India's comments “unfounded” and “contrary to the spirit of friendship and understanding between the two neighbouring countries”.

Dhaka and New Delhi are historical partners but have been at loggerheads since former Bangladeshi prime minister Sheikh Hasina fled to Delhi in August following deadly student-led mass protests.

Bangladesh’s interim government leader Muhammad Yunus has sought Ms Hasina’s extradition from India, with whom she maintained good relations while in office. She is now being investigated in Bangladesh for alleged crimes against humanity.

The two nations have an extradition treaty but New Delhi can refuse to return Ms Hasina by citing Article 8 of the agreement, which allows for the rejection of requests that have “not been made in good faith and in the interests of justice”.

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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.”

Updated: November 27, 2024, 12:26 PM