Imran Khan can be held for eight days, Pakistan judge rules


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Pakistan opposition leader Imran Khan can be held for eight days for questioning, a judge ruled on Wednesday after the former prime minister was dragged from a courtroom and arrested over corruption charges.

He was indicted for unlawfully selling state gifts during his premiership between 2018-22.

His arrest led to violent clashes and his supporters protested outside the military’s headquarters on Tuesday. More protests erupted on Wednesday.

The indictment followed a decision by the Election Commission of Pakistan last October which found Mr Khan guilty of illegally selling state gifts and barred him from holding public office until the next election.

He has denied any wrongdoing and his supporters were planning to march to Islamabad, where the former prime minister is in custody in a corruption case, on Wednesday.

There were concerns that that could lead to more clashes with security forces.

Mr Khan was arrested on Tuesday by paramilitary troops on the orders of the National Accountability Bureau, an autonomous anti-corruption agency, in relation to a case involving a land deal.

He was moved to its headquarters in the garrison town of Rawalpindi for questioning late into the night as angry protests erupted across Pakistan.

The Islamabad High Court said late on Tuesday that the arrest was legal, according to Mr Khan’s lawyer, Intazar Hussain Panjutha.

Mr Khan’s legal team intends to challenge his detention and any request from the NAB to keep him in custody, Mr Panjutha added.

The arrest came a day after the country's powerful military rebuked Mr Khan for repeatedly accusing a senior military officer of trying to engineer his assassination and the former armed forces chief of being behind his removal from power last year.

In response, his Pakistan Tehreek-e-Insaf party called for a “shutdown” across the country, with Mr Khan's supporters clashing with police in many cities and storming military buildings in Lahore and Rawalpindi, according to witnesses and videos.

Supporters in north-western Khyber Pakhtunkhwa province were asked to gather early on Wednesday in Swabi city to leave for Islamabad as part of a convoy, the party wrote on Twitter.

Party leaders asked workers to continue protests but not take the “law in their hands”, they wrote on Twitter.

A police spokesman told Reuters that Mr Khan would not be taken to court and his scheduled hearing would instead take place at the location where he is being held.

The former cricket star, 70, has regularly criticised members of the military, Pakistan’s most powerful institution, since he was ousted as prime minister in April last year.

'More violence … on the way'

A prolonged detention for Mr Khan, whose popularity has been surging ahead of an election that must be called by mid-August, threatens to destabilise Pakistan just as it looks to secure more cash from the International Monetary Fund to avoid default.

“More protests, more disruption, more violence, and more political and economic dysfunction is on the way,” Hasnain Malik, a strategist at Tellimer in Dubai, told Bloomberg.

“Taking the painful decisions the economy needs and holding orderly elections will become even harder now.”

As news of Mr Khan’s detention spread, his supporters in several cities took to the streets and clashed with security forces, who fired tear gas and tried to beat them back.

A video from Mr Khan’s party showed some supporters wielding sticks and face masks entering the army’s headquarters in Rawalpindi and shouting angrily.

Protesters also stormed the official residence of the top regional commander in Lahore, a rare breach of an area controlled by the military. Both sites were later cleared.

Mr Khan’s party reported at least four people were killed and 20 injured in separate clashes. Protesters also set fire to at least three buildings across Pakistan, while police said dozens of supporters were arrested.

The Interior Ministry suspended mobile broadband services in parts of the country, while complaints of slow internet spread on social media.

It is unclear whether Mr Khan will be released before the election. The NAB in the past has detained former prime ministers and top government officials for lengthy periods of time before they have been released and ultimately found innocent.

During Mr Khan’s administration, Prime Minister Shehbaz Sharif, who was then in opposition, was arrested by the NAB and kept in custody for nearly seven months.

Mr Sharif’s government attempted but failed to arrest Mr Khan over charges in several cases in recent months, in part to avoid stoking public anger that could further increase his popularity.

Interior Minister Rana Sanaullah said on Tuesday the government had no control over the NAB.

“Given that Khan was detained by paramilitary forces, this was likely the military acting directly,” Michael Kugelman, director of the South Asia Institute at the Washington-based Wilson Centre, told Bloomberg.

“But if so, the civilian leadership, given their long and ugly vendetta with Khan, surely backed the move.”

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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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

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Forced%20Deportations
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Violence%20
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Our legal consultant

Name: Hassan Mohsen Elhais

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

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

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Updated: May 10, 2023, 1:57 PM