US authorities returned about 250 antiquities to India last year as part of a long-running investigation of a stolen art scheme. AP
US authorities returned about 250 antiquities to India last year as part of a long-running investigation of a stolen art scheme. AP
US authorities returned about 250 antiquities to India last year as part of a long-running investigation of a stolen art scheme. AP
US authorities returned about 250 antiquities to India last year as part of a long-running investigation of a stolen art scheme. AP

India demands return of stolen antique idols from US museum


Taniya Dutta
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Indian police have demanded a US museum return two ancient metal idols that were stolen half a century ago from temples in southern Tamil Nadu state and smuggled out of the country.

The "idol wing", a special wing of Tamil Nadu police, has sent an official request to the Los Angeles County Museum of Art to return the artefacts after investigations found they were among its collection.

The wing, established nearly three decades ago, has the mandate to retrieve stolen and smuggled antiquities, mostly temple idols from the state, that often end up in upmarket museums, galleries and with local art collectors in the West.

Over the last decade, the wing has reportedly recovered nearly 1,500 artefacts including 878 stolen idols. About 150 had been recovered as of July.

The southern state has a huge repository of stone and metal idols that for decades have been targeted by smugglers. India prohibits the export of antiquities.

The officers said the latest idols were from Arulmigu Vishwanatha Swamy Temple, Alathur and Mannargudi taluk in Tiruvarur district, and were replaced with fake idols at the temple decades ago.

The investigators wrote to the LA-based museum after the three metal idols were found at the museum, they said.

It said the task was challenging as there were no “official images” of the idols with the temple authorities and investigators had to rely on photographs from the French Institute of Pondicherry.

Special teams were formed and an extensive online search was conducted to locate the idols in museums and art galleries around the world, including at leading auction houses such as Christie’s.

A thorough study by experts confirmed the images taken from the website of the US-based entities were similar to the original idols.

A 500-year-old bronze idol of Lord Hanuman, the monkey god, stolen from a temple in Tamil Nadu. Photo: India Pride Project
A 500-year-old bronze idol of Lord Hanuman, the monkey god, stolen from a temple in Tamil Nadu. Photo: India Pride Project

“Based on the findings of the investigation, the idol wing has prepared and submitted papers claiming the Tamil Nadu governments' ownership of the idols for onward transmission to the United States of America for repatriation of the same to Tamil Nadu,” the idol wing said.

The department hopes to retrieve the idols and put them back in the temples under the Unesco treaty soon.

The special wing in August recovered an antique idol of goddess Parvati from the 9th-century Chola-era from an auction house in New York.

The idol, stolen from a temple in 1971, was estimated to be worth 16 million rupees ($195,000).

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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.”

Updated: October 26, 2022, 10:41 AM