Soldiers and rescue workers search for the bodies of miners killed in a landslide in a jade mining area in Hpakhant, in Myanmar's Kachin state on November 22, 2015. At least 90 people have died in a huge landslide in a remote jade mining area of northern Myanmar, officials said on November 22, as search teams continued to find bodies in one of the deadliest disasters to strike the country's shadowy jade industry. AFP PHOTO
Soldiers and rescue workers search for the bodies of miners killed in a landslide in a jade mining area in Hpakhant, in Myanmar's Kachin state on November 22, 2015. At least 90 people have died in a huge landslide in a remote jade mining area of northern Myanmar, officials said on November 22, as search teams continued to find bodies in one of the deadliest disasters to strike the country's shadowy jade industry. AFP PHOTO
Soldiers and rescue workers search for the bodies of miners killed in a landslide in a jade mining area in Hpakhant, in Myanmar's Kachin state on November 22, 2015. At least 90 people have died in a huge landslide in a remote jade mining area of northern Myanmar, officials said on November 22, as search teams continued to find bodies in one of the deadliest disasters to strike the country's shadowy jade industry. AFP PHOTO
Soldiers and rescue workers search for the bodies of miners killed in a landslide in a jade mining area in Hpakhant, in Myanmar's Kachin state on November 22, 2015. At least 90 people have died in a h

At least 90 killed in Myanmar jade mine landslide


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Yangon // At least 90 people have been killed in a huge landslide in a remote jade mining area of northern Myanmar, as search teams continued to find bodies in one of the deadliest disasters to strike the country’s shadowy jade industry.

An estimated 100 people are still missing following the landslide in war-torn Kachin state, a rescue official said on Sunday.

The landslide happened in the early hours in Hpakant, an area that produces some of the world’s highest quality jade, but the mines and dump sites for debris are rife with hazards. Workers, many of them migrants from other parts of the country, toil long hours for little pay.

Those killed were thought to have been scavenging through a mountain of waste rubble dumped by mechanical diggers used by mining firms in the area to extract Myanmar’s most valuable precious stone.

The massive landslide crushed dozens of flimsy shanty huts clustered on the barren landscape, where an unknown number of itinerant workers had made their homes in the hope of finding riches on the side of the secretive multi-billion dollar jade industry.

“We found 79 dead bodies on November 21 [and] 11 today so the total so far is 90,” said Nilar Myint an official from the local administrative authorities in Hpakant, northern Kachin.

“We are seeing only dead bodies and no one knows how many people live there,” he said, adding that only one person had been pulled alive from the rubble, but had died soon after.

Myanmar is the source of virtually all of the world’s finest jadeite – an almost translucent green stone that is prized above almost all other materials in neighbouring China.

Landslides are a common hazard in the area as people living off the industry’s waste pick their way across perilous mounds under cover of darkness, driven by the hope that they might find a chunk of jade worth thousands of dollars.

Scores have been killed this year alone as local people say the mining firms, many of which are linked to the country’s junta-era military elite, scale up their operations in Kachin.

Nilar Myint said rescuers workers from the Myanmar Red Cross, the army, police and local community groups were all at the scene trying to dig people out of the earth, but their efforts have been hampered by poor weather conditions overnight in the remote region.

In an October report, advocacy group Global Witness estimated that the value of jade produced in 2014 alone was US$31 billion (Dh113.85bn) – the equivalent of nearly half the country’s GDP.

But that figure is nearly 10 times the official $3.4bn sales of the precious stone last year, in an industry that has long been shrouded in secrecy with much of the best jade thought to be smuggled directly to China.

Locals in Hpakant complain of a litany of abuses associated with the mining industry, including the frequency of accidents and land confiscations.

The area has been turned into a landscape of environmental destruction as huge diggers gouge the earth looking for jade.

Itinerant miners are drawn from all parts of Myanmar by the promise of riches and become easy prey for drug addiction in Hpakant, where heroin and methamphetamine are cheaply available on the streets.

“Industrial-scale mining by big companies controlled by military families and companies, cronies and drug lords has made Hpakant a dystopian wasteland where locals are literally having the ground cut from under their feet,” said Mike Davis of Global Witness, calling for firms to be held accountable for accidents.

* Agence France-Presse and Reuters

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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.

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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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2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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