Fifa ethics committee report that indicted Hammam and Warner gets leaked


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There is "comprehensive, convincing and overwhelming" evidence that Fifa member Mohamed Bin Hammam tried to bribe officials during his presidential campaign and that Jack Warner was "an accessory to corruption", according to a secret report by Fifa's ethics committee.

Fifa announced on Monday that Warner had resigned as Fifa vice-president and quit all football activities, and the world governing body said they had dropped all investigations into him and that "the presumption of innocence is maintained".

But the full report of the ethics committee headed by Namibian judge Petrus Damaseb which provisionally suspended Warner and Bin Hammam on May 29 says there was "prima facie" evidence that bribes had been paid to officials to support Bin Hammam's campaign for the Fifa presidency, and that Warner had facilitated this.

The pair — two of the three most powerful men in world football — were suspended last month pending a full inquiry. Bin Hammam withdrew as a candidate against Sepp Blatter on the morning of his ethics committee hearing on May 29. Both he and Warner have consistently denied any wrongdoing.

The 17-page ethics committee document setting out their decision was faxed to Warner last week, on June 14, and three days later he informed Fifa he was resigning.

A copy of that report has now been obtained by the Press Association. It concludes that there was "compelling" evidence that Bin Hammam and Warner arranged a special meeting of the 25 members of the Caribbean Football Union (CFU) on May 10 and 11 in Trinidad and that, with their knowledge, cash gifts were handed over.

Statements from witnesses, described as "credible and correspondent" in the report, said they were handed brown envelopes each containing 40,000 US dollars. One of the witnesses, Fred Lunn from the Bahamas, photographed the cash before returning it.

Four witnesses stated that Warner told the CFU delegates on May 11 that the "money for the 'gifts' allegedly distributed the day before had been apparently provided by Mr Bin Hammam", the document states.

Warner's evidence to the May 29 hearing is described as "mere self-serving declarations" and that he "failed to provide the Fifa ethics committee with a plausible explanation".

The report states: "The comprehensive, convincing and overwhelming evidence permits to conclude prima facie that the accused [Warner] has initiated and arranged a special meeting of the CFU member associations for Mr Bin Hammam.

"Furthermore on the occasion of this meeting it seems Mr Bin Hammam offered, at least indirectly and under the pledge of secrecy, to each of the member associations an envelope containing USD 40,000.

"The Fifa ethics committee is of the primary opinion that the accused [Warner] had knowledge of the respective payments and condoned them.

"It seems quite likely that the accused [Warner] contributed himself to the relevant actions, thereby acting as an accessory to corruption.

Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack

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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.”