Latest: Imran Khan sentence creates uproar across Pakistan
Police arrested Pakistan's former prime minister Imran Khan in the eastern city of Lahore on Saturday, his lawyer said, after a court sentenced him to three years in prison for illegally selling state gifts.
“Judge Humayun Dilawar announced that involvement in corrupt practices has been proven,” Pakistan TV reported.
Legal analysts said a conviction could end Khan's chances of participating in national elections that have to be held by early November.
Khan's political party, Pakistan Tehreek-e-Insaf (PTI) said they had filed an appeal in the country's Supreme Court over the district court's case.
There was no chance given to present witnesses, neither was time allotted to round up arguments
Imran Khan's legal team
Local media and a Reuters witness said police surrounded Mr Khan's home in Lahore after the verdict was released.
It relates to an inquiry by the election commission, which found Khan guilty of unlawfully selling state gifts during his tenure as prime minister from 2018 to 2022.
Khan, 70, has denied any wrongdoing.
The politician was accused of misusing his premiership to buy and sell gifts in state possession that were received during visits abroad and worth more than 140 million Pakistani rupees ($635,000).
In May, Khan was arrested and briefly detained in Islamabad, sparking deadly unrest during which supporters of his party poured on to the streets and clashed with police.
In the aftermath of his release from three days in custody, PTI was targeted by a crackdown with thousands of arrests, reports of intimidation and muzzling of the press.
Khan's legal team said that they would be filing an immediate appeal to his sentencing.
“It's important to mention there was no chance given to present witnesses, neither was time allotted to round up arguments,” a member of the team said.
Khan had long warned he would be arrested to prevent him participating in the elections.
Parliament is likely to be dissolved after it completes its term in the next two weeks, with national elections to be held in or before mid-November.
Khan rose to power in 2018 on a wave of popular support, an anti-corruption manifesto, and the backing of the powerful military establishment.
When he was ousted in April last year, analysts said it was because he had lost the support of the top generals.
In his campaign for re-election, Khan has highlighted the power the elite hold behind the scenes – a subject historically considered a red line in Pakistan.
Toshakhana case
The case, filed by ruling party lawmakers, is based on a criminal complaint filed by the Election Commission of Pakistan.
It alleged that Khan had “deliberately concealed” details of the gifts he retained from the Toshaskhana – a repository where presents handed to government officials from foreign officials are kept – during his time as prime minister, as well as proceeds from their sale.
Toshakhana rules state that such gifts should be reported to the Cabinet Division.
Khan has faced a number of legal issues over retention of gifts which also led to his disqualification by the election commission.
On October 21, 2022, the commission concluded that the former premier had made “false statements and incorrect declarations” about the gifts.
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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