Zdravko Mamic is in Bosnia as the Croatian courts handed down their sentence to the former Dinamo Zagreb chief. AFP
Zdravko Mamic is in Bosnia as the Croatian courts handed down their sentence to the former Dinamo Zagreb chief. AFP
Zdravko Mamic is in Bosnia as the Croatian courts handed down their sentence to the former Dinamo Zagreb chief. AFP
Zdravko Mamic is in Bosnia as the Croatian courts handed down their sentence to the former Dinamo Zagreb chief. AFP

Former Dinamo Zagreb chief Zdravko Mamic and brother Zoran convicted of corruption


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Former Dinamo Zagreb chief Zdravko Mamic was sentenced on Wednesday to six-and-a-half years in prison over multi-million-euro abuse of power and graft.

Two international players - Real Madrid midfielder Luka Modric and Liverpool defender Dejan Lovren - appeared as witnesses during the trial in Osijek providing details of their transfers from Dinamo. The players' evidence came under official scrutiny.

Croatia captain Modric was charged in March for alleged false testimony over the details of his 2008 transfer from Dinamo to Tottenham Hotspur.

Lovren, questioned over his 2010 transfer from Dinamo to French side Lyon, was also investigated.

Mamic, 58, was not present at the tribunal in the eastern town of Osijek for sentencing. He travelled to neighbouring Bosnia on Tuesday claiming he was not on the run but wanted to avoid "frustration" at the court and "find peace".

But after the verdict was handed down Mamic said he would not return to Croatia until it becomes final.

"I will stay here ... and fight from here. I don't trust Croatian institutions," he told a press conference in Medjugorje, a southern Bosnian town famed for alleged apparitions of the Virgin Mary.

"I wouldn't like to be in the skin of people who 'packed me' all this," he said, threatening a "response .... unseen in this territory".

Mamic is considered the most powerful figure in Croatian football and his trial, that opened in April 2017, was a further problem for a sport already struggling with hooliganism and poor infrastructure.

He was tried along with three others - his brother and current Al Ain manager Zoran Mamic, former club director Damir Vrbanovic, and a tax inspector.

According to the indictment, the corruption cost Dinamo more than €15 million (Dh64.9m) and the state €1.5m as cash was embezzled through fictitious deals related to player transfers.

Judge Darko Kruslin found all four defendants, none of whom was present on Wednesday, guilty.

"Zdravko Mamic is sentenced to a total prison sentence of six years and six months," Kruslin said.

The verdict is not final, but, under Croatian law a person sentenced to more than five years in jail must go to prison immediately.

Vrbanovic, also a top Croatian Football Federation official, and Zoran Mamic were sentenced to three years and four years and 11 months in jail respectively. The tax inspector was jailed for four years and two months. All four defendants pleaded not guilty.

The trial was held in Osijek because Mamic allegedly has close ties with some judges in Zagreb. Mamic's connections extend into many spheres of Croatia's public life.

Meanwhile, champions Dinamo voiced "shock and outrage" over the verdict and held their firm belief in the defendants' innocence.

Bosnia cannot extradite Mamic as he is its national. But Bosnian Security Minister Dragan Mektic explained that if Zagreb demands Mamic could serve his term in the Balkan country.

War and the virus
The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

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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2025 Fifa Club World Cup groups

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Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

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Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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