LAHORE, PAKISTAN // A Pakistani anti-terror court yesterday charged two police officers and five suspected Taliban militants over the assassination of the former prime minister Benazir Bhutto.
The two officers, one of them the former police chief of Rawalpindi, are accused of security negligence. The other five are charged with criminal conspiracy. All five deny the charges, said Chaudhry Azhar, the special public prosecutor.
Ms Bhutto, 54, was shot dead during a suicide bomb attack in December 2007 after addressing a political rally in Rawalpindi, the garrison city just outside Islamabad.
Her assassination plunged the country into political turmoil. Her party, the Pakistan Peoples Party, went on to win national elections in 2008 and now leads the ruling coalition. Her husband, Asid Ali Zardari, is Pakistan's president.
Mr Zardari and the government have faced widespread criticism over the slow pace of the investigation into the killing.
The charges against the seven men were heard inside Adiala Jail, a high-security prison on the outskirts of Rawalpindi. Justice Shahid Rafique scheduled the next hearing for November 19 when witnesses will begin giving evidence.
Prosecutors say the police chief of Rawalpindi at the time, Saud Aziz, failed to provide proper security for Ms Bhutto, the target of a failed assassination attempt a month before her death, and allowed the crime scene to be cleared before all evidence could be collected. A junior officer, Khurram Shahzad, faces similar charges.
The five accused militants are Sher Zaman, Hasnain Gul, Rafaqat Hussain, Abdul Rasheed and Aitzaz Shah. Investigators say they provided logistical support to the 15-year-old suicide bomber and had links with Baitullah Mehsud, the leader of the Pakistani Taliban who was killed in a US drone strike in August 2009.
A United Nations investigation into the assassination of Ms Bhutto found Pakistani authorities had deliberately failed to properly investigate the killing.
And doubts remain widespread in Pakistan over who masterminded the assassination. "The indictment of low-level officials whose involvement seems largely to have been the cover-up of the crime rather than the assassination itself promotes the belief that the actual killers and masterminds of the attack will probably never be brought to justice," said Rafia Zakaria, a columnist with the newspaper Dawn.
foreign.desk@thenational.ae
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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
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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.”
The National's picks
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7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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