A German-Iranian dissident faces the death penalty in Iran unless diplomats strike a deal to free foreign political prisoners in Iran during talks in Vienna to resume the 2015 nuclear deal, according to his family.
Jamshid Sharmahd, 66, is in solitary confinement at a secret location after being snatched by Iranian agents 18 months ago. He is accused of involvement in a mosque bombing that killed 14 people.
His family said they had not heard from him for six months before Iranian media disclosed he was standing trial this month for “corruption on Earth” after years of dogged pursuit by the Iranian regime.
He is due back in court next month, when he could learn of his fate after a sham trial over the 2008 attack on a mosque in Shiraz, southern Iran.
His family say he had nothing to do with the mosque attack and that he was defended at an unfair trial by a state-appointed regime lawyer, who demanded $250,000 from his US-based family to represent him, his daughter Gazelle told The National.
“Prisoners have rights, even in Iran,” she said. “But this is an ongoing kidnapping.”
Mr Sharmahd is believed to have been snatched in August 2020. He had previously been the target of an assassination plot in the US.
The family believes he was taken to Iran. He appeared on state media blindfolded the same month, making a confession.
He was then shown dressed in a striped prison uniform on February 6, facing charges that carry the death penalty.
The release of dual-national prisoners is reportedly part of the deal under discussion in Vienna to resume the Joint Comprehensive Plan of Action, the nuclear agreement that former president Donald Trump pulled out of in 2018.
Some 20 foreign and dual national prisoners — including from the US, UK, Canada, Germany, France, Sweden and Austria — are held in Iran, most detained while visiting family or conducting business. Most have been jailed on national security charges that their governments say are fabricated.
But the software engineer has been an outspoken critic and built the website for the Kingdom Assembly of Iran, or Tondar, a US-based group that sought the overthrow of the regime and replacement with the monarchy.
The group claimed responsibility of the 2008 mosque attack on the website. Iran has claimed that Mr Sharmahd headed its militant wing but his family say he has never been involved in terrorism.
He has been pursued by Iran since his role with the opposition was revealed more than a decade ago when a technical glitch accidentally showed his company’s role in the website design.
Mr Sharmahd was targeted in a 2009 assassination plot at his home in California, but the plot was foiled when a member of the team confessed to police. An Iranian government agent later pleaded guilty to paying a hitman $32,000 to kill Mr Sharmahd.
Activists accuse Iran of abducting regime opponents in a bid to put them on trial in Iran on charges that could see them sentenced to death, such as France-based Ruhollah Zam who was executed in December 2020.
Rights group Amnesty International said Mr Sharmahd was at risk from a “grossly unfair trial” and had been detained in circumstances “akin to enforced disappearance”. Two men identified by Iran as members of the Kingdom Assembly of Iran were executed in 2010 following anti-regime protests.
Until six months ago, Mr Sharmahd had been able to call sporadically to the US but could provide no details about where he was owing to the presence of 10 guards, said his daughter. His health was rapidly deteriorating and he needed medicine every three hours for Parkinson’s disease.
His family say his best hope is for US and European governments to demand his release along with other foreign and dual national prisoners as a condition of reviving the 2015 nuclear deal with Iran. Negotiations are reportedly entering their final stages in Vienna.
Mr Sharmahd, who gained German citizenship after his family moved there when he was 7, has lived in the US since 2003.
“The US has already said that there should be no successful talks until the hostages get released,” said Ms Sharmahd. “I want the same from Germany which is sitting at the table with my dad’s kidnappers and talking about the nuclear deal.”
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.”
Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
COMPANY PROFILE
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
UAE currency: the story behind the money in your pockets
First Person
Richard Flanagan
Chatto & Windus
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
UNSC Elections 2022-23
Seats open:
- Two for Africa Group
- One for Asia-Pacific Group (traditionally Arab state or Tunisia)
- One for Latin America and Caribbean Group
- One for Eastern Europe Group
Countries so far running:
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The specs: 2018 Audi R8 V10 RWS
Price: base / as tested: From Dh632,225
Engine: 5.2-litre V10
Gearbox: Seven-speed automatic
Power: 540hp @ 8,250rpm
Torque: 540Nm @ 6,500rpm
Fuel economy, combined: 12.4L / 100km
