Chris Blackhurst is a former editor of The Independent, based in London
June 25, 2024
So, in the end it came down to a tawdry deal. After years of posturing and grandstanding from both sides, in what was billed as a battle of principles, the US Justice Department has finally settled its case with Julian Assange.
Where once the WikiLeaks founder faced 17 counts of espionage, prosecutors reduced them to just one. Assange pleaded guilty to just one charge of violating the Espionage Act by obtaining and publishing classified military and diplomatic documents from 2009 to 2011.
With that, he is gone. He was taken from the Belmarsh high-security prison in London, where he’d been held for five years pending extradition to the US, and flown to the Northern Mariana Islands, just about the remotest US territory anywhere (they’re in the Pacific, but not so far from Australia).
There, he will be sentenced to 62 months, which happens to be the exact period of his incarceration in the UK. Funny, that. Because he has already served that time, he will be released automatically and return to his native country of Australia.
Finally, the Assange saga is over. Those five years, don’t forget, do not include the period he spent holed up in the Ecuadorian embassy on the run from the Swedish authorities who were pursuing him for sexual assault. That case was subsequently dropped, but the US government came for him, indicting Assange for computer hacking. No mention is made of the cost to the UK taxpayer of the policing and security operations that he sparked and lasting more than a decade.
His residing in the embassy was a public spectacle, becoming an attraction for tourists visiting nearby Harrods. Eventually, Ecuador lost what patience it still had and in 2019, expelled Assange from its premises. Whereupon he was immediately arrested by the British police on the US charge. Ever since, he’s been fighting being sent to the US.
WikiLeaks founder Julian Assange arrives at Canberra Airport in Australia after being released from Belmarsh Prison in the UK, where he had been held for five years. Getty Images
Mr Assange hugs his wife Stella Assange after arriving in Canberra. AFP
Mr Assange waves at supporters in the Australian capital. EPA
Mr Assange looks out of a plane window as he approaches Bangkok for a stopover. Reuters
Mr Assange makes his way to board his flight out of the UK at London's Stansted Airport. AFP
Mr Assange boards the flight to Saipan, capital of the Northern Mariana Islands, in the Western Pacific. Reuters
Mr Assange in London after his release from Belmarsh Prison. AFP
The aircraft carrying Mr Assange on a fuel stopover at Don Mueang International Airport in Bangkok. EPA
Mr Assange's image from Stansted Airport, seen in a video call with his wife Stella Assange in Sydney. Reuters
Assange will be sentenced to 62 months, which happens to be the exact period of his incarceration in the UK. Funny, that
There is not a halfway with Assange. He’s black or he’s white. To some, like the US authorities, Assange was a danger, a major menace, someone who was happy to distribute state secrets without any thought as to the damage, human and political, they might cause. But if he was that bad, why did the US reach an agreement?
To others, he is a seeker of truth, same as any other brave, investigative journalist. But then, why did he not seek his day in a US court, when he could have hogged the limelight and presented his case?
His lawyers maintained that was because he would not get a fair trial and his mental state was too fragile to withstand transfer to a US jail.
He was also in the fortunate position of being able to resist. Chelsea Manning, his co-conspirator, did not have that luxury. Manning, a US army intelligence analyst, was court-martialled for supplying material to Assange and got 35 years, serving seven before then US president Barack Obama commuted her sentence in 2017.
Assange, it seems, was only prepared to take martyrdom so far. He’d already been promised that he would not face charges that carried the death penalty, that he would not be automatically put in solitary confinement, and that he would receive mental health care. Still, it was not enough – his lawyers claimed that there was nothing to prevent him from harming himself once he was consigned to US custody.
Meanwhile, the relentless publicity campaign to free him never let up. It did appear odd, the iconic figure to many on the left, heroic scourge of the state, on the one hand and nit-picking exploiter of every legal loophole, on the other.
To be fair, none of us know what we would have done in such circumstances. But once it became obvious that the Joe Biden administration was not going to follow Mr Obama and let up, Assange dug in.
Wife of WikiLeaks founder Julian Assange, Stella Assange, gives a statement awaiting the outcome of her husband's appeal against extradition to the US in London last month. Getty Images
There is fury in many quarters, especially among US military veterans of Iraq and Afghanistan, that the leaks may have put thousands of soldiers and informants’ lives at risk. Assange, they argue, did not merit leniency.
Equally, there are those defenders of press freedom who say that it would be a very depressing day indeed if he was jailed in the US for publishing government secrets. They welcome his release.
He was, they say, only doing the job that countless journalists do every day. But was he? The role of the journalist is to aggregate and to filter. Assange did only half of that, collecting vast amounts of information, yes, but then dumping it upon the world. WikiLeaks’ Afghan War Logs were published with little attempt to vet and disguise names of Afghan civilians who informed for the US military. They could well have been exposed and in danger.
The Justice Department went further, alleging that Assange stepped outside the normal remit of a reporter, by trying to break a Defence Department code and exhorting associates to hack computers and obtain phone records. To them, he was a solicitor of crime.
Such is the polarising effect of Assange that press campaigners will hear none of this. To them he was a journalist.
In which case, the Justice Department extracting a guilty plea must set a worrying precedent. The stage is set for prosecutions of US media companies for employing journalists to conduct investigations into any matter covered by national security. This, against the possible backdrop of an incoming Donald Trump presidency that, one imagines, would love to commit journalists to jail.
Likewise, Assange admits he broke the law, without the law ever being tested. The Justice Department maintained that the sole act of publishing government secrets violated the Espionage Act. Assange admitted as much, setting a new, low standard.
Whether he could be counted as a journalist or not, Assange has done journalism no favours.
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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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