KUALA LUMPUR // Mass graves feared to contain the bodies of Bangladeshi and Rohingya migrants at the centre of a regional human-trafficking crisis have been found in Malaysia.
Home minister Zahid Hamidi said, according to The Star newspaper, the graves were found near suspected detention camps run by people-traffickers.
“But we don’t know how many there are. We are probably going to find more bodies,” Mr Zahid was quoted as saying on Sunday.
Thai police found secret human-trafficking jungle camps on their side of the border and dozens of shallow graves in early May.
The report quoting Mr Zahid gave few details but the Malay-language newspaper Utusan Malaysia, citing an unnamed source, earlier reported that about 30 mass graves had been found containing "hundreds of skeletons".
The Star had said the graves were "believed to contain nearly 100 Rohingya migrants".
Thailand began a crackdown on human trafficking and smuggling following the discovery of its mass graves, which appears to have thrown regional trafficking routes into chaos.
Many migrants previously tried to enter Malaysia via its land border with Thailand.
With traffickers apparently now abandoning their human cargo at sea, boats filled with hundreds of starving migrants from the two countries have sought desperately to land in Malaysia, Thailand and Indonesia, which initially turned them away.
Facing growing international pressure, Malaysia and Indonesia last week said they would admit boat people, who are to be repatriated or resettled with the help of international agencies.
Indonesia’s military said on Sunday that president Joko Widodo had ordered the country to start search and rescue operations for stranded migrant boats, an operation that began Friday.
“We will save the migrants and take them to shore,” military spokesman Fuad Basya said, adding that as of late Saturday, no new boats had been sighted.
Previously, Indonesian fisherman have helped hundreds of stranded Bangladeshis and Rohingya to shore.
The Malaysian government announced on Thursday that its navy and coastguard would be mobilised for search operations but so far it has not reported any rescues.
Mr Widodo indicated on Sunday that Jakarta would need help footing the bill for housing thousands of destitute people.
“We’re counting and making calculations on the costs involved,” he said, according to Detikcom news website. “We still need international support on how this would be managed.”
More than 3,500 migrants have swum to shore or been rescued off the coasts of Malaysia, Indonesia, Thailand and Bangladesh since the crisis erupted earlier this month.
Malaysian media said the latest mass graves were found near Padang Besar and Wang Kelian, two towns along the Thai border in the Malaysian state of Perlis.
Police declined to release information but the national police chief will hold a press conference on the matter on Monday.
Malaysia’s government had previously denied that any such mass graves or slave camps existed on its soil.
“I am shocked!” Mr Zahid said.
He added that some of the camps may have been there for as long as five years, and that Malaysian citizens were suspected to have been involved.
Most Bangladeshis are economic migrants seeking to escape poverty at home.
The Rohingya leave Myanmar in large part to escape discriminatory treatment from the Buddhist majority. Myanmar insists the Rohingya are illegal immigrants from Bangladesh and denies citizenship to most of them.* Agence France-Presse
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
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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Villains
Queens of the Stone Age
Matador
UAE currency: the story behind the money in your pockets
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
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MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now