Jakarta Post editor accused of blasphemy over ISIL cartoon

JAKARTA // The editor-in-chief of a leading English-language newspaper in Indonesia has been named a suspect in a blasphemy case after the publication of a cartoon about ISIL, police said Friday.

The Jakarta Post's Meidyatama Suryodiningrat could be jailed for up to five years if found guilty, and is the latest person to face action under the country's tough blasphemy laws that have been criticised by rights groups as overly harsh and outdated.

The cartoon, published in the paper on July 3, shows a man raising an ISIL flag emblazoned with the Arabic phrase “There is no God but Allah” over a picture of a skull and crossbones, with armed fighters in the background.

Following an outcry from Islamic groups, the Jakarta Post issued a front-page apology and retracted the cartoon five days later, insisting it was meant to "critique the use of religious symbols" and as a "reproach" to ISIL, a brutal Islamist group which holds vast swathes of territory across Syria and Iraq.

A group called the Jakarta Muslim Preachers Corps filed a complaint to the police and on Friday, Jakarta police spokesman Rikwanto, who goes by one name, said that SMr uryodiningrat had been officially named a suspect the previous day.

“The status of MS has been upgraded to suspect,” said the spokesman, using the editor’s initials, the usual practice in criminal cases in Indonesia.

Local media reported that he will be summoned for questioning next week. In some criminal cases in Indonesia, people are first named a suspect and only detained at a later date.

In a statement published on the Jakarta Post's website, Mr Suryodiningrat said that the paper was "amazed" by the move.

“What we produced was a journalistic piece that criticised the ISIS (ISIL) movement, which has carried out violence in the name of religion,” he said.

Rights group Amnesty International last month called on new President Joko Widodo to abolish the blasphemy laws, saying that cases of people being jailed for infringing the regulations had “skyrocketed” under his predecessor.

* Agence France-Presse

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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.

“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.”