The head of a UN investigative body for Syria has said that enough evidence exists to convict individuals of crimes in Syria, but there is an urgent need to secure and preserve the evidence.
In an exclusive interview with The National, Robert Petit, who heads the UN's International Impartial and Independent Mechanism, underscored the importance of safeguarding records from former president Bashar Al Assad’s prisons, which document the fate of thousands of disappeared people and identify perpetrators of the regime's crimes.
These records, Mr Petit noted, are vital for ensuring accountability and advancing future justice efforts.
“We know for a fact that evidence is getting lost and will continue to be at least at risk if measures are not taken,” he said. “Time is of the essence”.
Mr Petit, who recently visited Syria and met representatives of the caretaker authorities in the political bureau of the Minister of Foreign Affairs, is still waiting for permission from the interim authorities to “discharge“ the IIIM’s mandate To secure the evidence.
“That's what we're mandated to do. That's what we know how to do,” he said. “But for that, we need permission from the caretaker authorities to be able to come back [to Syria] and do that sort of work. So, we're waiting.”
Since its establishment in 2016, the IIIM has documented the most serious crimes under international law committed in Syria since March 2011, despite being barred from entering the country until now. Its aim is to make them available for court proceedings.
“We did make that request on the 21st [of December] and subsequently also on the 14th of January and we're still unfortunately waiting for an answer,” he said. “I have no reason to believe that this is anything more than a matter of process rather than substance, but the process is taking, unfortunately, quite a bit of time.”
The ousting of Mr Al Assad in December unleashed waves of jubilation across Syria, with citizens celebrating the collapse of a regime long marred by accusations of tyranny and oppression.
Outside Sednaya Prison, a notorious symbol of Mr Al Assad’s brutal legacy, hundreds of anxious people gathered, each searching for clues about the fate of detained loved ones, hoping the regime’s fall might finally bring answers.
Former detainees shared chilling accounts of the suffering they endured within its walls, their stories painting a stark picture of the widespread atrocities committed under Mr Al Assad’s rule.
The regime’s downfall marked a critical turning point for the IIIM. Mr Petit characterised his visit to Syria following Mr Al Assad’s ousting as a profound moment, coinciding with the eighth anniversary of the mechanism's inception.
“You could see people, you know, in front of you coming together after having not seen each other for 15 years ... it was a special moment,” he said.
During his visit to Damascus, Mr Petit and his team were granted access to significant sites. He saw the archives of the military court and the original Caesar files – photographs taken between May 2011 and August 2013 by the Syrian military police defector known as “Caesar” – that provide unique proof of the Syrian government’s machinery of torture and killing.
When asked how Mr Al Assad, who has been granted asylum in Russia, can be held accountable, Mr Petit said: “There's precedent for high-level individuals who had asylum, to have lost that protection and eventually be held accountable.”
During a meeting with a Russian delegation led by Deputy Foreign Minister Mikhail Bogdanov in Damascus last month, Syria’s ruler Ahmad Al Shara demanded that the Kremlin hand over Mr Al Assad and an estimated $2 billion in liquid assets held by the exiled dictator's family in Russian banks, sources told The National.
“There are possibilities for accountability in the future, much of which will depend on the path Syrians choose for transitional justice,” Mr Petit explained. “I don't think it's my place to and it's nobody's place to dictate to Syrians what should take place. They should decide themselves.”
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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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