Switzerland has issued an arrest warrant for the uncle of Syria's President Bashar Al Assad over war crimes allegedly committed in the 1980s.
The warrant was ordered by a Swiss court last year but made public only on Wednesday, according to activists who filed a criminal complaint.
It calls for Rifaat Al Assad to be extradited from Syria, where he returned from exile in 2021 after having assets frozen in France.
The Justice Ministry had initially denied the prosecutors' bid to arrest Mr Al Assad, 85, arguing Switzerland did not have jurisdiction to pursue him.
It was argued he was neither a Swiss citizen, nor residing in the country, and that no Swiss citizens were among the victims of the 1982 massacre in the Syrian city of Hama at the centre of the case.
But the court did not share that interpretation, saying he was staying at a Geneva hotel when Swiss prosecutors first launched their investigation into him in 2013.
That presence was enough, according to the court, to give Switzerland jurisdiction to pursue him over alleged war crimes, including the issuance of an international arrest warrant.
The warrant is meanwhile likely to go unheeded. The younger brother of former Syrian president Hafez Al Assad returned to the country in 2021 after 37 years in exile.
Separately implicated in French and Spanish corruption cases, he was forced into exile in 1984 after a failed attempt to overthrow his brother.
France's highest court last year confirmed a ruling that found him guilty of acquiring millions of euros' worth of property using funds diverted from the Syrian state.
The war crimes complaint was first filed a decade ago by Trial International, a human rights group that works with victims and pushes Switzerland to prosecute.
It said much of the evidence it had compiled against Mr Al Assad relates to his role in suppressing the 1982 Hama rebellion, where thousands of people were estimated to have been killed and two thirds of the city destroyed.
He was at the time in command of the Syrian Defence Forces, which is accused of "executions, enforced disappearances, rape and torture on an unimaginable scale", according to Trial. It cited estimates that as many as 40,000 people were killed across a three-week span.
In a statement, the organisation on Wednesday called on Swiss authorities to "swiftly indict and bring to trial the man nicknamed the 'Butcher of Hama'".
"It is to be welcomed that the prosecuting authorities have finally decided to request Mr Al Assad's extradition, although it is regrettable that we had to wait until his return to Syria before demanding he appear before the Swiss courts," Benoit Meystre, a legal adviser, said in the statement.
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Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)
Rajasthan won by 10 runs (D/L method)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Killing of Qassem Suleimani
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.”
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
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Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
PROFILE BOX:
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Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia
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The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
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Power 275hp @ 6,000rpm
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
