Prosecutors portrayed Democratic US Senator Bob Menendez as a greedy politician willing to help foreign governments in exchange for bribes, at the start of his corruption trial in New York on Wednesday.
“This case is about a public official who put greed first, who put his own interests about the duty to the people, who put his power up for sale,” Lara Pomerantz said in her opening statement.
“This was not politics as usual. This was politics for profit.”
Jurors were told that New Jersey's senior senator used his wife Nadine as a go-between, trying to help Egypt secure billions of dollars in US military assistance, and aid the business and legal interests of two businessmen from his state who were linked to local criminal cases.
Prosecutors said Mr Menendez and his wife accepted hundreds of thousands of dollars in bribes including cash, mortgage payments, a Mercedes-Benz convertible and gold bars.
But his lawyer disputed those claims in his opening statement, describing the three-term senator as a “lifelong public servant” who was betrayed by a wife who kept "him in the dark” about her financial dealings, including with the businessmen.
The senator has pleaded not guilty to 16 criminal charges including bribery, fraud, acting as a foreign agent and obstruction.
Wael Hana and Fred Daibes, the two New Jersey businessmen, are being tried alongside him and have also pleaded not guilty.
Ms Menendez has also pleaded not guilty. She faces a July 8 trial, with a delay resulting from what her lawyers called a serious medical condition.
It is Mr Menendez's second time facing bribery charges, and this recent case has cost him leadership of the powerful Senate foreign relations committee.
His previous trial in 2017 ended in a mistrial after jurors deadlocked.
Prosecutors detailed a complex and sordid array of corruption lasting from 2018 to 2023, with the Menendez couple accepting bribes from the two businessman and an associate, insurance broker Jose Uribe.
Mr Uribe pleaded guilty in March to bribery and fraud, and is expected to testify against Mr Menendez.
Mr Menendez is accused of helping Mr Hana obtain a lucrative monopoly on certifying that meat exports to Egypt conformed to Islamic law.
Prosecutors said he tried to help Mr Daibes secure millions of dollars from a Qatari investment fund.
They also said Mr Menendez gave Egyptian officials “sensitive” non-public information about personnel at the US embassy in Cairo and helped Egypt to obtain hundreds of millions of dollars in military aid.
FBI agents found more than $480,000 of cash in the Menendezes' home, much of it stashed in clothing, closets and a safe, prosecutors said.
They said Mr Hana and Mr Daibes provided the couple with more than $100,000 in gold bars, while Mr Uribe helped them to buy a Mercedes, with money disguised as a loan.
The trial could continue until early July.
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PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
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Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
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'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press
THE SPECS
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Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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.”
UAE currency: the story behind the money in your pockets