Libya sentences Swiss businessmen to 16 months



TRIPOLI // A Libyan court convicted on Tuesday two Swiss businessmen of violating residency and labour laws and sentenced them to 16 months in jail and a $1,500 fine, a Libyan official said. The two were detained in July 2008 on alleged visa violations, days after Swiss police arrested Hannibal Qadafi, the son of Libya's leader, Muammer Qadafi, and his wife for allegedly beating up their servants a luxury hotel in Geneva. The sentence also comes amid a furore in the Muslim world over a Swiss referendum to outlaw the construction of minarets in mosques there.

A Swiss foreign ministry official confirmed the sentences and said the two were tried by a court in Tripoli. The official spoke on condition of anonymity because he was not authorised to speak to the press. No foreign diplomats or reporters were allowed at the trial. The businessmen, identified as Max Goeldi and Rachid Hamdani, were handed over to the Swiss Embassy in Tripoli earlier in November, triggering expectations they would be released and allowed to return home. The official said the two were present at the one-day trial and were taken immediately to a prison to serve their terms.

Mr Gadhafi was held for two days in Geneva before being allowed to return home. The complaint was eventually dropped after the two servants received compensation from an undisclosed source. Switzerland apologised for the manner of the arrest and subjected itself to possible compensation claims as part of the August agreement reached in Tripoli, but later suspended the deal after repeated attempts to secure the release of Goeldi and Hamdani failed.

Libya has called on Switzerland not to assume any links between the case and the issue of the "aggression" on the son of the Libyan leader. The saga has badly damaged relations between the two countries and prompted calls in Switzerland for the resignation of Hans-Rudolf Merz, the Swiss president, who staked his credibility on the men's release. In addition to detaining the men, Libya recalled some of its diplomats from Switzerland, suspended visas for Swiss citizens, withdrew funds from Swiss banks, stopped crude oil shipments and reduced flights to the Alpine country. Tuesday's speedy trial come two days after a majority of 57.5 per cent of the Swiss population ratified the ban on the minarets. Although The Swiss government opposed the initiative, the move has sparked an outcry across the Muslim world.

* AP

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Bio

Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro

From Conquest to Deportation

Jeronim Perovic, Hurst

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.”

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Our family matters legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.

  • It’s So Easy
  • Mr Brownstone
  • Chinese Democracy
  • Welcome to the Jungle
  • Double Talkin’ Jive
  • Better
  • Estranged
  • Live and Let Die (Wings cover)
  • Slither (Velvet Revolver cover)
  • Rocket Queen
  • You Could Be Mine
  • Shadow of Your Love
  • Attitude (Misfits cover)
  • Civil War
  • Coma
  • Love Theme from The Godfather (movie cover)
  • Sweet Child O’ Mine
  • Wichita Lineman (Jimmy Webb cover)
  • Wish You Were Here (instrumental Pink Floyd cover)
  • November Rain
  • Black Hole Sun (Soundgarden cover)
  • Knockin’ on Heaven’s Door (Bob Dylan cover)
  • Nightrain

Encore:

  • Patience
  • Don’t Cry
  • The Seeker (The Who cover)
  • Paradise City
Company%20profile
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SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt

Date started: January 2017, app launched November 2017

Based: Dubai, UAE

Sector: Private/Retail/Leisure

Number of Employees: 18 employees, including full-time and flexible workers

Funding stage and size: Seed round completed Q4 2019 - $1m raised

Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels