An electronic billboard at New York's Times Square marks the anniversary of the imprisonment in Russia of Wall Street Journal reporter Evan Gershkovich. AFP
An electronic billboard at New York's Times Square marks the anniversary of the imprisonment in Russia of Wall Street Journal reporter Evan Gershkovich. AFP
An electronic billboard at New York's Times Square marks the anniversary of the imprisonment in Russia of Wall Street Journal reporter Evan Gershkovich. AFP
An electronic billboard at New York's Times Square marks the anniversary of the imprisonment in Russia of Wall Street Journal reporter Evan Gershkovich. AFP

'Very intense effort' ongoing to secure Evan Gershkovich's release from Russian detention


Patrick deHahn
  • English
  • Arabic

US President Joe Biden and Wall Street Journal staff on Friday marked one year since American journalist Evan Gershkovich was detained by Russian authorities, as a “very intense effort” to secure his release continues.

“This year has been unimaginable for our family in so many ways. It has felt like holding our breath,” the Gershkovich family wrote in a letter that was published in the Journal.

But despite this long battle, we are still standing strong. This is thanks to Evan’s courage and the help and support of the incredible people around us.”

Mr Biden expressed his solidarity with the family and said the US government is “working every day to secure his release”.

“Journalism is not a crime, and Evan went to Russia to do his job as a reporter – risking his safety to shine the light of truth on Russia’s brutal aggression against Ukraine,” he said in a statement released by the White House.

The front page of Friday's Journal was largely blank, with the headline, “His story should be here”, in protest at Gershkovich's detention.

Almar Latour, publisher of the Journal and chief executive of Dow Jones, told Politico in an interview that the newspaper's leadership is actively working with the US administration on a “very intense effort” to free Gershkovich.

Mr Latour also disclosed that the company has retained a law firm that specialises in hostage affairs, clarifying that there were a number of behind-the-scenes channels open, working to ensure the journalist's release.

Gershkovich became the first western journalist arrested for espionage in Russia since the Cold War when he was taken into custody a year ago.

Moscow claims he was trying to get military secrets, while the Journal has denied he is a spy.

He has been seen in several court appearances and his detention was recently extended to June 30, pending trial.

Mr Biden shared a story about Gershkovich writing a letter to his parents, saying he was “not losing hope”.

“As I have told Evan’s parents, I will never give up hope either. We will continue working every day to secure his release,” the President said.

The US government has declared the journalist's detention to be wrongful.

Mr Biden threatened to “impose costs” on Moscow for using “Americans as bargaining chips”.

Secretary of State Antony Blinken demanded that Russia “end its practice of arbitrarily detaining individuals for political leverage and should immediately release” Gershkovich and Paul Whelan, another American being held in Russia.

Alsu Kurmasheva, a news editor with dual US-Russian citizenship, has also been detained in Russia.

Moscow has used detentions and imprisonment to demand for the release of Russians arrested elsewhere, or for political power with other countries.

Basketball star Brittney Griner was freed in a prisoner swap for Russian arms dealer Viktor Bout in 2022.

The Journal's front page on Friday featured a large blank space and Gershkovich's name, including text reading “his story should be here”.

A New York vendor at Grand Central Station holds a copy of the Wall Street Journal with its blank page protest. AFP
A New York vendor at Grand Central Station holds a copy of the Wall Street Journal with its blank page protest. AFP
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Children who witnessed blood bath want to help others

Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.

As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.

Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.

“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”

Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.

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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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Updated: March 29, 2024, 7:16 PM