Myanmar's junta and the Taliban are up against ambassadors appointed by the governments they ousted this year in rival claims for seats at the United Nations, whose headquarters in New York are pictured. AP
Myanmar's junta and the Taliban are up against ambassadors appointed by the governments they ousted this year in rival claims for seats at the United Nations, whose headquarters in New York are pictured. AP
Myanmar's junta and the Taliban are up against ambassadors appointed by the governments they ousted this year in rival claims for seats at the United Nations, whose headquarters in New York are pictured. AP
Myanmar's junta and the Taliban are up against ambassadors appointed by the governments they ousted this year in rival claims for seats at the United Nations, whose headquarters in New York are pictur

UN set to reject Taliban and Myanmar junta, diplomats reveal


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A United Nations committee meeting on Wednesday is unlikely to allow the Taliban in Afghanistan or the junta in Myanmar to represent their countries at the 193-member world body, diplomats have said.

UN acceptance of either organisation would be a step towards the international recognition sought by both.

Rival claims have been made for the seats of both countries, with the Taliban and Myanmar's junta pitted against ambassadors appointed by the governments they ousted this year.

A nine-member UN committee, which includes Russia, China and the United States, will meet to consider the credentials of all 193 members for the current session of the UN General Assembly.

The panel is likely to defer decisions on the representation of Afghanistan and Myanmar on the understanding the current ambassadors for both countries remain in the seats, four diplomats told Reuters on the condition of anonymity.

The committee — which also includes the Bahamas, Bhutan, Chile, Namibia, Sierra Leone and Sweden — will then send its report on the credentials of all members to the UN General Assembly for approval before the end of the year.

Both the committee and the General Assembly traditionally take decisions on credentials by consensus, diplomats say.

Gaining leverage

The Taliban, which seized power in mid-August from the internationally recognised government, has nominated its spokesman Suhail Shaheen, who is in Doha, as Afghanistan's UN ambassador.

The country's current UN ambassador appointed by the ousted government, Ghulam Isaczai, has also asked to keep the seat.

When the Taliban last ruled Afghanistan between 1996 and 2001, the ambassador of the government they toppled remained UN representative after the credentials committee deferred its decision on rival claims to the seat.

The current UN ambassador appointed by the ousted government, Ghulam Isaczai, speaks at a UN security council meeting on Afghanistan. AFP
The current UN ambassador appointed by the ousted government, Ghulam Isaczai, speaks at a UN security council meeting on Afghanistan. AFP

UN Secretary General Antonio Guterres said the Taliban's desire for international recognition is the only leverage other countries have to press for inclusive government and respect for rights, particularly for women, in Afghanistan.

The Taliban's nominated UN envoy Mr Shaheen posted on Twitter this month: “We have all the conditions needed for occupying the seat of Afghanistan at UN. We hope legal requirements will supersede political preferences.”

The junta, which seized power from Aung San Suu Kyi's elected government in February in Myanmar, has put forward military veteran Aung Thurein as its UN envoy.

Myanmar's ambassador to the UN, Kyaw Moe Tun. Photo: United Nations
Myanmar's ambassador to the UN, Kyaw Moe Tun. Photo: United Nations

Current ambassador Kyaw Moe Tun — appointed by Ms Suu Kyi's government — has also asked to renew his UN accreditation, despite being the target of a plot to kill or injure over his opposition to the coup.

The former UN special envoy on Myanmar, who stepped down last month, said no country should recognise or legitimise the junta, while Mr Guterres pledged in February to mobilise pressure “to make sure that this coup fails”.

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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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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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Updated: December 01, 2021, 8:58 AM