Narayanaswami Srinivasan. Mal Fairclough / AFP
Narayanaswami Srinivasan. Mal Fairclough / AFP
Narayanaswami Srinivasan. Mal Fairclough / AFP
Narayanaswami Srinivasan. Mal Fairclough / AFP

Cricket’s absorbing self-interest allows N Srinivasan to retain power and control


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One of the very few in-depth profiles of N Srinivasan, the chairman of the International Cricket Council (ICC), was published in August last year by Caravan, an Indian monthly journal.

In itself, it is revealing both of Srinivasan and how the world of cricket operates that so little is known about him and how he rose to become, until recently, the most powerful man in

cricket.

A telling anecdote emerges of his early years in India Cements, the company he heads and which has placed him in his current predicament.

In 1979, as deputy managing director, Srinivasan came under scrutiny from the company over what was seen as a questionable business deal.

A shareholders’ meeting was called to vote on Srinivasan’s future. But at the meeting, shareholders wasted time enough for the meeting to end without an actual vote. The meeting had been worked that way by Srinivasan, wrote Rahul Bhatia.

“This battle, and the complications that followed, bore several hallmarks of Srinivasan’s style — rule-manipulation, a talent for persuasion, and persistent allegations of political influence bolstering his business.”

It is tales such as these — and his career is littered with more — that explain why the day Srinivasan is forced out of cricket still seems unforeseeable.

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He should, of course, even if he is not directly involved in the corruption that has seen Chennai Super Kings (CSK) suspended for two years from the Indian Premier League.

He has overseen that debacle in three capacities: as head of India Cements, as owner of CSK and as the head of the Indian cricket board. He has also had uncomfortably close familial relations to one of the main culprits.

The ICC has not yet commented on the findings of the Lodha Committee, or the implications for its head.

Most likely it will continue to not comment. At a stretch it may offer a non-comment comment: “it is a domestic matter on which we do not comment,” or some such guff.

The ICC is not alone. No full member will say publicly that their organisation should not have such a man as its head.

In that same profile, a former board official who had worked with Srinivasan offered this nugget. “He knows only two things: He is either here ... ” he clutched his feet, “or here ...” he feigned a two-handed chokehold.”

That switch between oily obeisance and menacing domination is reminiscent of Zia ul Haq, the Pakistani army general who wormed his way up in the estimations of prime minister Zulfiqar Ali Bhutto and then deposed of him, politically and mortally.

Srinivasan has both bought and bullied the silence of cricket. Would he have been allowed to in another sport with even a slightly aligned moral compass?

In cricket he has gone deeper into a truth that other administrators before him unearthed, that the way its economy is, the way it is run, its size, its history are all easier to manipulate than putty.

In men such as Giles Clarke, the chairman of the England and Wales Cricket Board (ECB), Srinivasan found not enablers but colluders.

It is a sport so ridden with self-interest that serious and deep issues of conflicts of interest and corruption are not cause for concern. See, as just one instance, the reaction of the Board of Control for Cricket in India (BCCI) to the findings of the Lodha Committee.

They formed a working committee to study those findings and report back. In six weeks. This for a case that has been roiling under their noses for over two years now, with several police investigations, one of their own and two independent investigations by supreme court justices.

Corruption in cricket, this thinking seems to say, is almost inevitable: no urgency is needed to deal with it.

It says, in fact, all that needs to be said about cricket that the only threat to Srinivasan’s position in the ICC comes from within the politicking churn of the BCCI.

It has no basis in any moral argument that it is not right for an ICC representative so tainted to continue.

The only way he was going to be removed was if the BCCI did not appoint him as their representative come September.

As a dispensation ostensibly hostile to Srinivasan has come into control, his removal was an active possibility.

Instead, recent reports seem to suggest that a compromise may have been worked out, which will allow Srinivasan to stay on for another year. It is the way of Srinivasan, and cricket does not mind one bit.

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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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Uefa Champions League, Group C
Liverpool v Red Star Belgrade
Anfield, Liverpool
Wednesday, 11pm (UAE)

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Fixture: Thailand v UAE, Tuesday, 4pm (UAE)

TV: Abu Dhabi Sports

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A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.

Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).

Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.

How to wear a kandura

Dos

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  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

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League A, Group 4
Spain v England, 10.45pm (UAE)

Liverpool 4-1 Shrewsbury

Liverpool
Gordon (34'), Fabinho (44' pen, 90' 3), Firmino (78')

Shrewsbury
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Man of the Match: Kaide Gordon (Liverpool)

UAE cricketers abroad

Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.

Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.

Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.

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3rd ODI, January 14

4th ODI, January 16

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