DUBAI // Parents of children with special needs have lost tens of thousands of dirhams in pre-paid fees after a school in Abu Dhabi closed and its boss fled the country.
Their plight has emerged in the wake of the row over St Andrews School in Dubai, which was also run by the British Institute for Learning Development (Bild).
St Andrews closed on September 5 amid accusations that the Bild managing director Christopher Reynolds had absconded with all its funds. The school was rescued by Dubai Education and is now operating normally. Dr Reynolds denies any wrongdoing.
There was no reprieve, however, for the Abu Dhabi branch of Bild. It closed in February and some parents have still not been able to find new schools for their children.
Dr Reynolds told parents the school in a villa on 22nd Street in Khalifa City A was moving to new premises, and many paid the fees for the next term. The school closed, but the move did not happen.
Former employee Fiona Vaughan said: “He closed the Abu Dhabi branch of Bild a week after collecting fees from the parents … leaving families without schooling and without reimbursement of their fees.”
Another former employee, who worked at the school for three months before it closed, said: “Parents and staff were not warned about the closure, staff wages had not been paid and parents who had paid fees lost money.
“The children were left in the same situation [as those in Dubai], but no one stepped in and saved it. Some of these children now have no school.
“There were 12 parents who had paid fees and between 10 and 20 parents who were owed therapy fees they had paid in advance that he had run off with.”
Christian and Connie Tjenderesa, whose eight-year-old daughter Clivenne attended the school, were among those who lost out. Clivenne has a hearing problem, and Mrs Tjenderesa has given up her job as a dentist to care for her.
On February 2 the couple paid Bild Dh18,000 to cover the fees for the third term. Dr Reynolds sent a letter to them and other parents confirming the plans to move to new premises. The letter said: “It will also not be too much longer before we are in a position to move into our new centre.”
Mrs Tjenderesa said: “Dr Reynolds misled us by telling us he was moving to another location and that’s why we paid the fees. My daughter was a student along with 11 other children. Others went for therapy, it was a school and also a therapy centre.”
The couple have been able to place their daughter at another therapy centre but have not been able to find her a new school.
“We don’t have any options here in Abu Dhabi, it’s very frustrating,” said Mrs Tjenderesa. “Clivenne is not receiving any education and it is very worrying.”
Last week The National revealed how a battle over child support arising from the divorce of Dr Reynolds and his wife had triggered the problems at St Andrews. The Tjenderesas, who are from Indonesia, believe the marriage split also caused the difficulties at the Abu Dhabi branch.
“That’s when the problems began,” said Mrs Tjenderesa. “Before then my daughter was happy there and I was satisfied as there was a good team, but their personal problem became our problem.”
Dr Reynolds, who is no longer in the UAE, declined to comment.
csimpson@thenational.ae
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COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
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Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
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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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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)
2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi
3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne
4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi
4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi
RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.