Former Uefa president Michel Platini leaves Switzerland's Federal Criminal Court after the first day of his trial on June 15, 2022. AFP
Former Uefa president Michel Platini leaves Switzerland's Federal Criminal Court after the first day of his trial on June 15, 2022. AFP
Former Uefa president Michel Platini leaves Switzerland's Federal Criminal Court after the first day of his trial on June 15, 2022. AFP
Former Uefa president Michel Platini leaves Switzerland's Federal Criminal Court after the first day of his trial on June 15, 2022. AFP

Prosecutors demand suspended jail terms for Sepp Blatter and Michel Platini


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Prosecutors in the fraud trial of former Fifa president Sepp Blatter and vice president Michel Platini asked for both to get 20-month suspended prison sentences on Wednesday.

Blatter and Platini, the former France captain who was president of European governing body Uefa, faced sentences of up to five years for financial wrongdoing but actual jail time was considered to be unlikely ahead of their 11-day trial. Verdicts are expected on July 8.

The 86-year-old Blatter's legal jeopardy increased on Wednesday when prosecutors in Zurich confirmed they had opened criminal proceedings against him in a separate complaint filed by football's world body in 2020.

Blatter and his longtime right-hand man, former Fifa secretary general Jerome Valcke, are now formal suspects in an investigation of alleged mismanagement relating to the Fifa World Football Museum project in central Zurich. The new details were first reported by a Swiss financial news website.

Earlier on Wednesday at the Swiss federal criminal court in Bellinzona, prosecutor Thomas Hildbrand also asked the three judges for Platini to pay Fifa more than 2.2 million Swiss francs ($2.2 million) in compensation.

Former Fifa president Sepp Blatter. AFP
Former Fifa president Sepp Blatter. AFP

Blatter and Platini deny fraud and lesser charges relating to a Fifa-approved $2m payment to the France great in 2011. At the time, Platini was Uefa president, a Fifa vice president and was expected to succeed Blatter.

Platini said in a statement published after the court session that he was “serene and confident”.

“The indictment of the prosecutor today is devoid of any basis,” Platini said. “The debates of the trial proved that this criminal procedure had no reason to exist.”

The prosecution argued there was no legal or contractual basis for Fifa to pay Platini’s invoice for working as a presidential adviser in Blatter’s first term between 1998 and 2002. Fifa also paid $229,000 of social security taxes in Zurich.

Both have long denied wrongdoing and claim they had a verbal deal in 1998 for Platini to get extra salary that Fifa could not pay at the time. Platini signed a contract in August 1999 to be paid 300,000 Swiss francs ($300,000) annually.

Their defence previously failed at the Fifa ethics committee, which banned them from football and removed them from office, the Fifa appeals committee, and later in separate appeals at the Court of Arbitration for Sport.

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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.

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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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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Ten10 Cricket League

Venue and schedule Sharjah Cricket Stadium, December 14 to 17

Teams

Maratha Arabians Leading player: Virender Sehwag; Top picks: Mohammed Amir, Imad Wasim; UAE players: Shaiman Anwar, Zahoor Khan

Bengal Lions Leading player: Sarfraz Ahmed; Top picks: Sunil Narine, Mustafizur Rahman; UAE players: Mohammed Naveed, Rameez Shahzad

Kerala Kings Leading player: Eoin Morgan; Top picks: Kieron Pollard, Sohail Tanvir; UAE players: Rohan Mustafa, Imran Haider

Pakhtoons Leading player: Shahid Afridi; Top picks: Fakhar Zaman, Tamim Iqbal; UAE players: Amjad Javed, Saqlain Haider

Punjabi Legends Leading player: Shoaib Malik; Top picks: Hasan Ali, Chris Jordan; UAE players: Ghulam Shabber, Shareef Asadullah

Team Sri Lanka Cricket Will be made up of Colombo players who won island’s domestic limited-overs competition

Updated: June 15, 2022, 5:08 PM