Early last week, the rumour mill went into overdrive in Malaysia. Social media and messaging services were buzzing with word that the Federal Territories Pardons Board had met on Monday. This was Sultan Abdullah of Pahang’s penultimate day of his five-year term as King, as Malaysia’s nine hereditary rulers take it in turns under the country’s unique rotational monarchy.
Had the board, chaired by the King, issued a full pardon for former prime minister Najib Razak, who has been serving a 12-year sentence since August 2022 after being convicted of misappropriation? Utusan Malaysia, a newspaper linked to Umno, Najib’s party, which led every government from independence in 1957 until Najib and the Umno-dominated Barisan Nasional coalition fell from power in 2018, reported that it had – and then shortly afterwards had to issue a retraction.
Next, Singapore-based Channel News Asia claimed that his sentence had been cut by 50 per cent and his fine of 210 million ringgit ($44 million) had also been reduced. Finally, on Friday, the Pardons Board issued an official statement: Najib’s sentence had indeed been reduced to six years, and his fine to 50 million ringgit. He would be released in August 2028, they said.
The decision is final – unless Najib Razak files a new plea at some point
At one level, the decision has left a lot of people dissatisfied, to put it mildly. Even though it was scarcely spoken about publicly, let alone written down, Najib’s supporters in Umno felt that a full pardon for their former leader was the quid pro quo for the party joining Prime Minister Anwar Ibrahim’s unity government in November 2022. They had allied with their longstanding foes in Mr Anwar’s Pakatan Harapan alliance. And “Bossku” – “our boss”, as they fondly refer to Najib – would still languish in jail for over another four years? The man himself said he was “very, very disappointed”, according to his daughter Nooryana Najwa.
Both old and newer supporters of Mr Anwar’s “reformasi” movement, on the other hand, professed outrage. “The efforts of the government in combating corruption have been seriously undermined by the developments in Najib’s case,” said Ramkarpal Singh, an MP for the Democratic Action Party, which is part of Mr Anwar’s government – although it should be pointed out that Najib has always maintained his innocence and his lawyers insisted that he did not get a fair trial.
The Pardons Board has not released its deliberations, but Mr Anwar (who was not on the board, but was represented by a minister) gave some clues on Monday. It was “a matter of compassion”, he said. “The appeal process to the Pardons Board considers a holistic view of the individual’s life and contributions.” Given that Najib had served as prime minister for nine years and deputy prime minister for five, had been a minister for 18 years before that and an MP for a total of 42 years, some would argue that his contributions to the country have been considerable.
But in any case, everyone agrees that clemency is the indisputable prerogative of the King. Sultan Abdullah has known Najib all his life. Najib was chief minister of his state, Pahang, in the 1980s; he is also one of the four hereditary noblemen of the Royal Court of Pahang, and the two men were photographed dining together just months before Najib went to jail. It would not be a surprise if he had looked with mercy on the former premier’s application for a pardon. Further, Sultan Abdullah is no longer the King. The monarch is now Sultan Ibrahim of Johor. The decision is final – unless Najib files a new plea at some point.
When tempers cool, many parties may find this outcome more satisfactory than they perhaps do now. Najib’s enemies can be pleased that he is still in prison. For his supporters, a reduction in his sentence is better than none. Lawyers differ on this, but most agree that with time off for good behaviour, Najib could be a free man by mid-2026, and possibly out on parole by next year. He would then be able to resume his role as Umno’s star campaigner, a man who had been mobbed by adoring fans during state elections in 2021 and 2022 and in walkabouts in 2019, only a few months after he lost power.
Mr Anwar’s administration is in dire need of greater support from the majority Malays. Umno is supposed to provide that, but it has struggled. With the next general election due in 2027, or possibly early 2028, Najib will be crucial to the unity government’s efforts to win over the Malay vote and gain a second term in office (assuming the current coalition fights as one, as deputy prime minister and Umno president Zahid Hamidi and other leaders have said).
But without a pardon, Najib will pose no threat to Mr Anwar – as he will not be eligible to stand for parliament for five years after his release from prison. There is also little chance of Najib challenging Mr Zahid for the Umno presidency if he cannot be an MP, although in any case the two men are close; Mr Zahid was Najib’s deputy prime minister, and he had also been his political secretary back in the 1980s and 90s.
So despite the drama, there are plenty who gain something from this act of royal clemency. As for Najib, 70, there is still the opportunity to clear his name, as he wishes to do. And if he aspires to the ultimate vindication of returning to the premiership, he may not be able to stand for parliament again until his late 70s; but after Mahathir Mohamad became prime minister again at the age of 92 in 2018, one thing is clear: there is no longer any age limit in Malaysian politics.
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
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What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
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.”
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.
The biog:
Languages: Arabic, Farsi, Hindi, basic Russian
Favourite food: Pizza
Best food on the road: rice
Favourite colour: silver
Favourite bike: Gold Wing, Honda
Favourite biking destination: Canada
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Education reform in Abu Dhabi
The emirate’s public education system has been in a constant state of change since the New School Model was launched in 2010 by the Abu Dhabi Education Council. The NSM, which is also known as the Abu Dhabi School Model, transformed the public school curriculum by introducing bilingual education starting with students from grades one to five. Under this new curriculum, the children spend half the day learning in Arabic and half in English – being taught maths, science and English language by mostly Western educated, native English speakers. The NSM curriculum also moved away from rote learning and required teachers to develop a “child-centered learning environment” that promoted critical thinking and independent learning. The NSM expanded by one grade each year and by the 2017-2018 academic year, it will have reached the high school level. Major reforms to the high school curriculum were announced in 2015. The two-stream curriculum, which allowed pupils to elect to follow a science or humanities course of study, was eliminated. In its place was a singular curriculum in which stem -- science, technology, engineering and maths – accounted for at least 50 per cent of all subjects. In 2016, Adec announced additional changes, including the introduction of two levels of maths and physics – advanced or general – to pupils in Grade 10, and a new core subject, career guidance, for grades 10 to 12; and a digital technology and innovation course for Grade 9. Next year, the focus will be on launching a new moral education subject to teach pupils from grades 1 to 9 character and morality, civic studies, cultural studies and the individual and the community.
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
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
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The biog
Born: near Sialkot, Pakistan, 1981
Profession: Driver
Family: wife, son (11), daughter (8)
Favourite drink: chai karak
Favourite place in Dubai: The neighbourhood of Khawaneej. “When I see the old houses over there, near the date palms, I can be reminded of my old times. If I don’t go down I cannot recall my old times.”
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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New Zealand 15 British & Irish Lions 15
New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett
British & Irish Lions 15
Penalties: Farrell (4), Daly
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
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