Donald Trump was given an unconditional discharge in the sentencing for his New York hush-money conviction but will still enter the White House as a convicted felon – a first in the US.
An unconditional discharge in New York State law allows for a convicted person to be let go “without imprisonment, fine or probation supervision" in cases where "no proper purpose would be served by imposing any condition upon the defendant’s release".
But the discharge on Friday formalises the conviction.
New York Judge Juan Merchan said it was a "truly extraordinary case" before issuing the sentence to Mr Trump, who appeared in court via video link from Florida.
"This has been a very terrible experience and a set back for the New York court system," Mr Trump told the court, said news reporters who were in the courtroom. He also insisted on his innocence and challenged the basis of the case and work by judges.
A jury last May found Mr Trump guilty on 34 counts of falsifying business documents that covered up payments to people who claimed they had scandalous stories during his 2016 presidential campaign.
Stormy Daniels, an adult film performer, was paid $130,000 by Mr Trump's fixer in exchange for compliance in a non-disclosure agreement as part of the hush-money scheme at the centre of the case. Prosecutors argued that Mr Trump's attempts to hide the payments violated New York election law.
The scheme also included National Enquirer payments to former Playboy model Karen McDougal and a Trump property doorman on behalf of the Republican leader.
Mr Trump became the first US president to be convicted of a crime.
"The Radical Democrats have lost another pathetic, unAmerican Witch Hunt," he said in a Truth Social post after the sentencing.
He added that the unconditional release on the "baseless, illegal, and fake charges" was a loss for his opponents, but it was one he would appeal.
The Supreme Court, which has a conservative majority, rejected an emergency request to stay Friday's sentencing the night before the hearing. The justices ruled the sentencing was not a legal burden and Mr Trump can still appeal.
Falsifying business records carries a sentence of up to four years in prison, although jail time was unlikely given Mr Trump was a first-time offender. However, his gag order violations against Mr Merchan's orders did threaten jail time.
But with Mr Trump's electoral victory and his inauguration in 10 days, Mr Merchan viewed a jail sentence or probation as not "practicable".
The judge suggested in court that the sentencing may have been different if Mr Trump was an ordinary defendant, but "legal protections afforded to the office of the president" forced a legal mandate for the court to follow.
"Despite the extraordinary breadth of those protections, one power they do not provide is the power to erase jury verdicts,” Mr Merchan said.
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Company%20Profile
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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.”
Greatest Royal Rumble match listing
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The%20specs
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
MATCH INFO
Uefa Champions League quarter-final (first-leg score):
Juventus (1) v Ajax (1), Tuesday, 11pm UAE
Match will be shown on BeIN Sports
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
