Chirac, former French president, convicted in corruption trial



Jacques Chirac Thursday became the first former president of France to be convicted on criminal charges, completing his descent from world statesman to a man broken by ill-health and disgraced by his past.

Chirac, 79, faced up to 10 years in jail and fines of up to €150,000 (Dh717,000) after being found guilty of embezzlement and breach of trust between 1990 and 1995, when he was mayor of Paris.

He was spared jail but given a suspended sentence of two years.

Chirac was absent when judgment was handed down in the first chamber of the Palais de Justice, also the setting for the condemnation by a French revolutionary court in 1793 of Marie-Antoinette.

A medical certificate accepted by the court described Chirac as suffering from a "severe and irreversible" neurological condition that caused serious memory loss.

Subject to an appeal, which was being considered last night, yesterday's events brought closure to a corruption scandal that has haunted the former president since the end of his 18-year stint at Paris city hall.

He was found guilty of presiding over a system of bogus employment that saw political cronies added to the payroll in non-existent jobs, drawing salaries that should have been paid by his conservative Gaullist party, the Rally for the Republic (RPR), forerunner of the UMP which rules France today.

The court dismissed a surprising submission by the prosecution that the charges should be thrown out on the grounds Chirac had not been shown to have masterminded, or knowingly participated in, corrupt practices. Judge Dominique Pauthe, the president of the court, said Chirac was the "initiator and principal author" of the abuses of trust that occurred.

"Jacques Chirac breached the duty of probity that weighs on officials charged with looking after public funds or property, to the detriment of the general interests of Parisians," he said.

Painstaking investigation of the affair has produced notable scalps for the examining magistrates who broke taboos to hold eminent individuals accountable for their actions during a period of rampant corruption in French public life.

Alain Juppé, Chirac's right-hand man when the salaries of RPR officials were paid from the public purse, went on to serve as prime minister.

He was later tried and convicted and given a suspended sentence but, after a period of exclusion from civic life, was allowed to make an extraordinary comeback - he is now France's foreign minister.

Last year, the UMP reached an agreement with the Parisian authorities under which €2.2 million (Dh10.52m) was repaid - three-quarters by the party, the rest by Chirac.

In its judgment yesterday, the court put the cost to taxpayers of the counts on which the former president was convicted at €1.4m.

Chirac's lawyer, Georges Kiejman, said he hoped the outcome would "change nothing of the affection the French people hold for him".

Although deeply unpopular during his second term as president, which ended in 2007, Chirac has won back a place in French hearts.

Opinion polls consistently suggest he is France's most popular political figure.

Many in the country admire him for his opposition to military intervention in Iraq and his persistent, if largely unsuccessful, stand against the march of "Anglo-Saxon" - and especially American - culture.

In office, Chirac liked to think he knew the Middle East better than most western leaders.

He also took pride in his fascination with far-off corners of the world, developing a lasting - if, to detractors, inexplicable - fondness for Japanese sumo wrestling. He stuffed a room at the Elysée with exotic gifts brought back from official visits to Africa and beyond.

In France, he became more comfortable mixing with farmers at the Paris agricultural show or tourists at his favoured holiday haunts, notably St Tropez.

Friends and family have been distressed by his decline in his health, which has seen him suffer medical symptoms similar to those of Alzheimer's disease, and tarnished by the corruption allegations.

Before the trial began in September, his daughter, Anh Dao Traxel, told the French media that her father showed no sign of recognition when their paths crossed earlier this year.

At court yesterday, she said the system had treated him with undue harshness, causing great sorrow for the family. Chirac repeatedly denied wrongdoing in the affair, insisting he always acted in the public interest.

Public reaction ranged from satisfaction that Chirac's "grandeur" had not protected him, to doubts over whether the public interest had been served by prosecuting a frail old man.

Jérôme Karsenti, from the French anti-corruption pressure group, Anticor, hailed the judgment as historic and exemplary.

The Elysée made no comment but Benoît Hamon, a spokesman for the opposition Parti Socialiste, welcomed "a good sign for French democracy". Among nine other people tried with Chirac, seven were also convicted for their parts in the affair.

One, Jean de Gaulle, a grandson of another renowned president, received a suspended sentence of three months' imprisonment.

One former head of state, Marshal Philippe Pétain, who led the Vichy collaborationist government during the Second World War without being designated president, was convicted of treason.

He was sentenced to death but later reprieved.

* Additional reporting by Agence France-Presse

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

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

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

Group G: Manchester City, Wydad, Al Ain, Juventus.

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

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.”

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
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MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

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Gran Gala del Calcio 2019 winners

Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta​​​​​​​
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)

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