Sepp Blatter reveals Qatar as the hosts of the 2022 World Cup in 2010. AP Photo
Sepp Blatter reveals Qatar as the hosts of the 2022 World Cup in 2010. AP Photo
Sepp Blatter reveals Qatar as the hosts of the 2022 World Cup in 2010. AP Photo
Sepp Blatter reveals Qatar as the hosts of the 2022 World Cup in 2010. AP Photo

Media executives charged as new details emerge of 2018 and 2022 World Cup bribery


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Two former executives with US media giant Fox were charged with corruption, bank fraud and money-laundering on Monday as US federal prosecutors shed fresh light on the scandal-tainted bidding war for the 2018 and 2022 World Cups.

Former 21st Century Fox employees Hernan Lopez, 49, and Carlos Martinez, 41, face charges along with 65-year-old Gerard Romy, who worked for Spanish media conglomerate Imagina.

The three men are accused of paying millions in bribes to officials from Conmebol and Concacaf, the governing bodies for football in South America and North America, Central America and the Caribbean.

The charges allege the bribes were paid in exchange for lucrative television rights contracts for regional competitions, the Copa America and qualifying games for the 2018 and 2022 World Cups.

The case forms part of the wide-ranging 2015 corruption scandal that left world governing body Fifa in turmoil and led to the downfall of president Sepp Blatter.

An unsealed superseding indictment released on Monday also detailed corruption surrounding the 2010 vote in Zurich which saw Fifa award the 2018 World Cup to Russia and the 2022 World Cup to Qatar.

The indictment said former Brazilian Fifa member Ricardo Teixeira and late Paraguayan official Nicolas Leoz, both members of the Fifa committee which voted on the 2018 and 2022 tournaments, received payment of bribes in exchange for voting for Qatar's bid.

In addition, Trinidad's long-serving Fifa official Jack Warner "was promised and received" bribe payments totalling $5 million (Dh18.4m) to vote for Russia while Guatemala's Rafael Salguero was promised a $1m bribe to vote for Russia.

Salguero pleaded guilty to multiple corruption charges in 2016 and was banned from Fifa while Warner, who faces charges in the United States, is currently battling extradition to the US from his native Trinidad.

"The profiteering and bribery in international soccer have been deep-seated and commonly known practices for decades," William F. Sweeney Jr, the assistant director in charge of the FBI's New York field office, said in a statement on Monday which announced the charges against Lopez, Martinez and Romy.

"Over a period of many years, the defendants and their co-conspirators corrupted the governance and business of international soccer with bribes and kickbacks, and engaged in criminal fraudulent schemes that caused significant harm to the sport of soccer.

"Their schemes included the use of shell companies, sham consulting contracts and other concealment methods to disguise the bribes and kickback payments and make them appear legitimate."

Since the Fifa scandal erupted in 2015, the US government has accused a total of 45 people and various sports companies of more than 90 crimes and of paying or accepting more than $200m in bribes.

Of the 45 accused, five have died. A total of 22 pleaded guilty, of which only six have been sentenced to date.

A dozen remain in their home countries, where they face prosecution by local authorities or are free fighting extradition.

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

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Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind

Bournemouth 0

Manchester United 2
Smalling (28'), Lukaku (70')

How tumultuous protests grew
  • A fuel tax protest by French drivers appealed to wider anti-government sentiment
  • Unlike previous French demonstrations there was no trade union or organised movement involved 
  • Demonstrators responded to online petitions and flooded squares to block traffic
  • At its height there were almost 300,000 on the streets in support
  • Named after the high visibility jackets that drivers must keep in cars 
  • Clashes soon turned violent as thousands fought with police at cordons
  • An estimated two dozen people lost eyes and many others were admitted to hospital 
Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

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.”

The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre

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UAE currency: the story behind the money in your pockets
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  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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MATCH INFO

Champions League quarter-final, first leg

Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)

Matches can be watched on BeIN Sports

Manchester United v Liverpool

Premier League, kick off 7.30pm (UAE)

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

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