Carlos Ghosn was living in a monitored apartment awaiting trial when he boarded a train from Tokyo to Osaka in December 2019 with two accomplices. AFP
Carlos Ghosn was living in a monitored apartment awaiting trial when he boarded a train from Tokyo to Osaka in December 2019 with two accomplices. AFP
Carlos Ghosn was living in a monitored apartment awaiting trial when he boarded a train from Tokyo to Osaka in December 2019 with two accomplices. AFP
Carlos Ghosn was living in a monitored apartment awaiting trial when he boarded a train from Tokyo to Osaka in December 2019 with two accomplices. AFP

Japanese prosecutors seek over two years of jail for Ghosn accomplices


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Prosecutors recommended sentences of more than two years for two Americans who helped former Nissan Motor chairman Carlos Ghosn flee trial in Japan in 2019.

Of the father-son duo who pleaded guilty to charges of aiding Mr Ghosn’s escape to Lebanon, Michael Taylor, the father, should receive a sentence of two years and 10 months, and Peter Taylor, the son, should receive two years and six months, prosecutors said at a hearing Friday.

“The charges against Carlos Ghosn are serious,” prosecutor Ryozo Kitajima said of the accusations of financial misconduct that Mr Ghosn was facing in Japan. Due to the actions of the Taylors, “the ability to go after the truth has been blocked”, he said.

Mr Ghosn’s escape was “systematically” planned over the course of more than half a year and while Michael led the operation, Peter’s role was also significant, Mr Kitajima said.

The Taylors’ lawyers said they should receive a suspended sentence. The pair have already been detained for about 10 months in the US and Mr Ghosn was the one behind the scenes doing all of the major planning, the defence’s Keiji Isaji said. A verdict and sentence is expected on July 19.

The recommendation on sentencing brings the Taylors one step closer to the end of a lengthy period of incarceration and legal battles they have faced since helping Mr Ghosn escape Japan in a box at the end of 2019. After spending time in jail in the US and fighting extradition charges, the pair were brought to Japan in March. The two have been placed in solitary confinement in a detention centre in Tokyo while attending hearings at a district court which began in June.

The crime of harbouring or enabling the escape of a criminal carries a maximum sentence of three years in prison in Japan, though experts on their case had suggested that pleading guilty, showing remorse and co-operating with prosecutors would lead to lighter sentencing.

The duo apologised to prosecutors and Japan’s justice system in a hearing this week. Helping Mr Ghosn flee was a mistake, they both said. They apologised again on Friday. “I stand here today as a man whose life has been destroyed,” Michael Taylor said, sobbing. “No one will stand before you and be more remorseful and sorry than me and my son.”

He has never denied his involvement in Mr Ghosn’s escape, speaking about how he organised and carried out the brazen operation in court. His son's role is less clear.

Money used to pay for Mr Ghosn’s escape was transferred through Peter’s company and he met with the former auto executive several times in the months leading up to, and on the day of, the escape, according to prosecutors. But Peter testified in court earlier this week that he did not know the details of when or how Mr Ghosn was planning to escape, and only learnt of the former chairman’s flight via media reports after the fact.

It remains unclear whether the time the Taylors have served in the US will be factored into the judge’s final sentencing decision. The US State Department said it would inform the Japanese government of the amount of time the Taylors had served so that it could be taken into account, a letter seen by Bloomberg News said.

Prosecutors said on Friday that time spent should not be a reason for a more lenient sentence.

Oppenheimer
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
  • Drones
  • Animals
  • Fireworks/ flares
  • Radios or power banks
  • Laser pointers
  • Glass
  • Selfie sticks/ umbrellas
  • Sharp objects
  • Political flags or banners
  • Bikes, skateboards or scooters
Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

Brave CF 27 fight card

Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)

Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)

Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)

Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)

Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)

Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)

Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)

Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)

UAE - India ties

The UAE is India’s third-largest trade partner after the US and China

Annual bilateral trade between India and the UAE has crossed US$ 60 billion

The UAE is the fourth-largest exporter of crude oil for India

Indians comprise the largest community with 3.3 million residents in the UAE

Indian Prime Minister Narendra Modi first visited the UAE in August 2015

His visit on August 23-24 will be the third in four years

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016

Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017

Modi will visit Bahrain on August 24-25

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.”

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
MATHC INFO

England 19 (Try: Tuilagi; Cons: Farrell; Pens: Ford (4)

New Zealand 7 (Try: Savea; Con: Mo'unga)

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About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

MEFCC information

Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.

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Company%20profile
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UAE currency: the story behind the money in your pockets
Updated: July 02, 2021, 2:20 PM