Dubai attorney general to push for Sanjay Shah's extradition to Denmark

Dubai's attorney general will push for the extradition of a British citizen accused of a $1.7 billion fraud in Denmark, after a local court rejected a Danish request this week.

Essam Issa Al Humaidan has appealed against the ruling by Dubai Court of Appeal judges which allowed Sanjay Shah to remain in the emirate.

A fresh hearing will be heard before the Court of Cassation, the highest court in the three-tier system.

Shah, a hedge fund manager who lived in a mansion on Palm Jumeirah, remains in detention, his lawyer told The National this week.

“In accordance with the authority vested in him under the Law of International Judicial Co-operation, the Attorney General of Dubai has appealed the ruling of the Dubai Court of Appeal refusing the extradition request,” a statement from Dubai Government Media Office said.

Shah is wanted by Danish authorities for alleged tax fraud.

Danish tax authorities accused Mr Shah of being a key player in a scheme in which foreign businesses pretended to own shares in Danish companies to claim tax refunds for which they were not eligible

Dubai Police arrested Shah in June following a request by Denmark.

On Monday, judges said UAE prosecutors acting on behalf of the Danish government had not properly submitted court documents that met the threshold for extradition, though they did not release full details.

Following that decision, Shah's lawyers began pushing for his release.

Then, in an unexpected turn of events on Thursday, judges in Dubai presiding over a civil lawsuit filed by the Danish government ruled that Shah must repay $1.25bn to the Danish state.

Dubai's extradition of criminal suspects

1. Moufide 'Mouf' Bouchibi was arrested in Dubai after spending a decade evading capture by authorities. Courtesy, Dubai Police
1. Moufide 'Mouf' Bouchibi used forged identification in an effort to evade detection, but Dubai police used artificial intelligence technology to track him down. Courtesy, Dubai Police
2. Ramon Abbas, known as Hushpuppi, faces decades in jail if convicted of alleged frauds worth hundreds of millions of dollars
2. Ramon Abbas, originally from Nigera, posed as a real estate investor and businessman, before his arrest in Dubai. Courtesy: Dubai Police / Dubai Media Office
3. Amir Faten Mekky was wanted by Interpol, and arrested after a sting operation by Dubai special forces on June 3. Image via Dubai Media Office / Twitter
4. Leon Cullen, one of UK's most wanted men was arrested in Dubai in January 2020, and returned to the UK in February 2021 to face trial. Courtesy, Cheshire Police
5. Mugshot images of Edinburgh-born alleged fraudster Afzal 'Bobby' Khan, who the FBI said was arrested in the Emirates. He was extradited to New Jersey, accused of fraud. Courtesy: FBI Most Wanted

Stuck in a job without a pay rise? Here's what to do

Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.

“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”

Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.

Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.

“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”

For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.

“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”

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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.

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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.”

The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

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GAC GS8 Specs

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How to apply for a drone permit

Individuals must register on UAE Drone app or website using their UAE Pass
Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
Upload the training certificate from a centre accredited by the GCAA
Submit their request

What are the regulations?

Fly it within visual line of sight
Never over populated areas
Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
Users must avoid flying over restricted areas listed on the UAE Drone app
Only fly the drone during the day, and never at night
Should have a live feed of the drone flight
Drones must weigh 5 kg or less

Dubai attorney general to push for Sanjay Shah's extradition to Denmark

Essam Issa Al Humaidan lodges appeal after Dubai court rejected Danish tax authority's request

Dubai's extradition of criminal suspects

Stuck in a job without a pay rise? Here's what to do

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The specs: 2018 Volkswagen Teramont

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