Australian minister in Libya over ICC detentions


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TRIPOLI // Australian Foreign Minister Bob Carr arrived in Libya on Monday to press for the release of an International Criminal Court team being held after meeting the son of slain dictator Muammar Qaddafi.

Carr is expected to seek the release of the ICC delegation including Australian Melinda Taylor and colleagues from Lebanon, Russia and Spain, who were detained on June 7 as they helped Saif Al Islam choose a defence lawyer.

"I've got modest expectations, but I'm here to press the case of the Australian government," Carr told ABC radio on arrival, according to a transcript released by the Australian consulate in Tripoli.

"Melinda Taylor was here working for a respected international organisation -- the International Criminal Court -- that work attracts immunity. That role ought to be respected," he said.

Shortly after landing in the capital, Carr met interim Prime Minister Abdel Rahim Al Kib and was also due to meet other senior government officials, Kib's office said.

Libyan officials have alleged that Taylor was carrying a pen camera and attempted to give Al Islam a coded letter from his former right-hand man, Mohammed Ismail, who is on the run.

Carr, who did not comment on the allegations, said he would push for greater consular access and for Taylor to have the capacity to get in touch with her relatives while the issue is being resolved.

"We'd like (Ambassador) David Ritchie to be able to to see Melinda Taylor more regularly. We'd like her to be able to phone her husband Geoff in The Hague... and her parents, John and Janelle, in Brisbane."

"I'm going to continue to press that with the people I meet here and I hope that by underlining that on this visit we get some progress out of it.

"Progress is to see her judiciously released... But in the shorter term, if she's going to continue in detention, we see that she's got that consular access and capacity to phone her family."

The ICC wants to try Al Islam, 39, for crimes against humanity during his father's rule. Tripoli insists he should be tried locally and filed on On May 1 a motion challenging the ICC's jurisdiction to put him on trial in The Hague.

Carr said Taylor inadvertently got caught up in that dispute.

"There is a broader well-rehearsed dispute here and that is the dispute that Melinda Taylor has inadvertently become involved in.

"She is doing her duty for the ICC, but the Libyan authorities, and none more than the authorities in Zintan, are contesting the right of the ICC to do that," he said.

Al Islam has been held in the town of Zintan, 70 kilometres southwest of Tripoli, since his arrest on November 19 last year. Taylor and her team are being held in the same town.

On Friday, the UN Security Council expressed "serious concern" over Libya's detention of the four.

It reminded the Libyan authorities that they have to cooperate with the ICC under UN resolutions on the conflict last year that led to Qaddafi's overthrow.

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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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