Mike Lynch's body recovered but 18-year-old daughter still missing


Gillian Duncan
  • English
  • Arabic

The body of British tech tycoon Mike Lynch has been brought ashore from the wreck of his superyacht off the coast of Sicily as divers work to locate his 18-year-old daughter, who remains missing.

Mr Lynch, 59, and five others went missing after the vessel sank off the coast of Sicily, having been struck by a waterspout early on Monday.

Divers found five bodies on Wednesday, when they brought four to the shore in body bags. A fifth – Mr Lynch's – was recovered from the wreck on Thursday.

The Italian Coastguard has confirmed that the sixth and final person yet to be found is a woman.

The process of locating the last body from the sunken yacht, which is resting on the seabed off the coast at a depth of 50 metres, is ongoing, said Salvatore Cocina, the head of Sicily's civil protection agency.

A boat carrying specialist divers heads out to the site of the Bayesian on Thursday. PA
A boat carrying specialist divers heads out to the site of the Bayesian on Thursday. PA

An investigation will be held in due course, he said, but for now the priority is finding the missing woman.

Dozens of emergency services staff waited to receive the body bags brought into shore on Wednesday, with one seen loaded into an ambulance.

Among those also named as missing were Morgan Stanley International bank chairman Jonathan Bloomer; his wife Judy Bloomer; Clifford Chance lawyer Chris Morvillo; and his wife Neda Morvillo.

The body of Canadian-Antiguan citizen Ricardo Thomas, who was working as a chef on the Bayesian, was recovered at the scene on Monday.

Of the 22 passengers and crew on board, 15 – including Mr Lynch's wife Angela Bacares – were rescued after escaping on to a lifeboat.

The captain of a yacht, the Sir Robert BP, who helped to rescue them, said his crew noticed the Bayesian had disappeared before a passenger spotted the flare.

Karsten Borner told Sky News: "We couldn't see them any more and they disappeared from the radar, we were busy keeping our own ship sailing.

"We couldn't see the ship again, so we were aware something was very wrong."

He said it was only when the tender set out that they found the life raft.

Mr Borner said: "It turned out to be the life raft, a 12-person life raft with 15 people inside including one baby.

Divers search sunken superyacht Bayesian - in pictures

  • A body bag is brought ashore at Porticello on the fifth day of the search operation, after the luxury yacht Bayesian sank in a storm while moored off the Sicily coast. PA
    A body bag is brought ashore at Porticello on the fifth day of the search operation, after the luxury yacht Bayesian sank in a storm while moored off the Sicily coast. PA
  • A diver prepares to reach the sunken superyacht. AP
    A diver prepares to reach the sunken superyacht. AP
  • Mike Lynch and his daughter Hannah were among those who died. PA
    Mike Lynch and his daughter Hannah were among those who died. PA
  • Rescuers test a decompression chamber at Porticello harbour. PA
    Rescuers test a decompression chamber at Porticello harbour. PA
  • A fire service helicopter returns to port, after being used to aid search efforts at the site of the sunken yacht. AP
    A fire service helicopter returns to port, after being used to aid search efforts at the site of the sunken yacht. AP
  • Rescue workers transport a body bag after a luxury yacht, which was carrying British entrepreneur Mike Lynch. Reuters
    Rescue workers transport a body bag after a luxury yacht, which was carrying British entrepreneur Mike Lynch. Reuters
  • An Italian fire service diving crew returns to harbour on the third day of the search. PA
    An Italian fire service diving crew returns to harbour on the third day of the search. PA
  • Rescue divers continue their search. AFP
    Rescue divers continue their search. AFP
  • Divers off Porticello set out to inspect the site where the British-flagged luxury yacht Bayesian sank with 22 people onboard. AFP
    Divers off Porticello set out to inspect the site where the British-flagged luxury yacht Bayesian sank with 22 people onboard. AFP
  • The yacht Bayesian in Palermo, Sicily. EPA
    The yacht Bayesian in Palermo, Sicily. EPA
  • Rescuers at Porticello plan their dive on the site where the Bayesian sank. AFP
    Rescuers at Porticello plan their dive on the site where the Bayesian sank. AFP
  • A helicopter of the Italian Coast Guard above Porticello. AFP
    A helicopter of the Italian Coast Guard above Porticello. AFP
  • A survivor of Monday's incident leaves Italian Coast Guard headquarters in Porticello. Reuters
    A survivor of Monday's incident leaves Italian Coast Guard headquarters in Porticello. Reuters
  • A life raft docked at the harbour near the port where emergency and rescue services are working. Reuters
    A life raft docked at the harbour near the port where emergency and rescue services are working. Reuters
  • Health workers carry a body bag on the pier at Porticello. EPA
    Health workers carry a body bag on the pier at Porticello. EPA

"They stepped over to our tender and we brought them back to our ship. There, we took good care of them, gave them dry clothes, towels, blankets, tea and coffee and so on and took care of them."

Inspections of the yacht's internal hull took place on Wednesday morning.

A team of four British inspectors from the Marine Accident Investigation Branch (MAIB) also arrived in Porticello to inspect the site of the sinking.

The MAIB is looking into what happened because the yacht Bayesian was flying a British flag, it is understood.

The Italian Coastguard said the MAIB is not involved in the search for the missing people, and has not been requested to assist.

The boat's captain, James Cutfield, was reportedly quizzed by authorities for two hours as they began questioning all crew members.

Speaking to New Zealand media, Mr Cutfield's brother Mark said his sibling was a "very good sailor" with eight years' experience working abroad on luxury yachts.

A helicopter was drafted in to help with the search effort, as divers from the local fire service were seen entering the water with torches attached to their headgear.

A police boat and divers were also seen entering the water on Wednesday afternoon.

Fire crews from the Vigili del Fuoco said they have been accessing the boat through natural entrances, without making openings.

Remote-controlled underwater vehicles are being used, with naval units and cave divers also taking part in the search, the Italian Coastguard has said.

Bayesian was moored about 700m off the coast of Porticello when it sank at about 5am local time on Monday as the area was hit by a storm.

Vincenzo Zagarola, of the Italian Coastguard, previously said the missing tourists were feared dead.

Fire crews described the operation as complex, with divers limited to 12-minute underwater shifts.

Survivors have been recuperating at a hotel complex in Porticello, where authorities were gathering witness statements.

The boat trip was a celebration of Mr Lynch's acquittal in a fraud case in the US.

The businessman, who founded software giant Autonomy in 1996, was cleared in June of carrying out a massive fraud relating to its $11 billion sale to US company Hewlett-Packard.

The Financial Times reported Mr Bloomer had appeared at trial as a defence witness for Mr Lynch, while media reports suggest the pair are close friends.

In a separate incident, Mr Lynch's co-defendant in his US fraud trial, Stephen Chamberlain, died after being hit by a car while out running in Cambridgeshire, eastern England on Saturday.

Company Profile

Company name: Fine Diner

Started: March, 2020

Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka

Based: Dubai

Industry: Technology and food delivery

Initial investment: Dh75,000

Investor: Dtec Startupbootcamp

Future plan: Looking to raise $400,000

Total sales: Over 1,000 deliveries in three months

RESULTS

Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO

Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke

Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke

Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO

Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision

Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision

Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO

Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)

Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)

Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision

Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke

Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO

Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision

Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

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.”

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

COMPANY%20PROFILE
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

%20Ramez%20Gab%20Min%20El%20Akher
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The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES

SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities

Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails

Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies

Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments

Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

MATCH INFO

Manchester United v Brighton, Sunday, 6pm UAE

Updated: August 22, 2024, 1:24 PM