A Pakistani court Thursday overturned the murder conviction of a British Pakistani man found guilty of the 2002 kidnapping and killing of Wall Street Journal reporter Daniel Pearl.
Instead, the court found Ahmed Omar Saeed Sheikh guilty of the lesser charge of kidnapping and sentenced him to seven years in prison.
Pearl disappeared on January 23 in Karachi while researching links between Pakistani militants and Richard C. Reid, a man known as the “shoe bomber” who was arrested in December 2001 on a flight from Paris to Miami with explosives in his footwear.
Prosecutors said Saeed lured Pearl into a trap by promising to arrange an interview with an Islamic cleric who he said had information. Police believed the religious figure was not involved in the conspiracy.
One of Saeed’s lawyers, Khwaja Naveed, said Saeed could go free unless the government chooses to challenge the court decision. Faiz Shah, prosecutor general for southern Sindh province, said the government will appeal to the Supreme Court of Pakistan.
Saeed has already spent 18 years in prison in southern Hyderabad on death row. The seven-year sentence was expected to be counted as time served, said Mr Naveed.
The Sindh High Court also acquitted three others accused in the case: Fahad Naseem, Sheikh Adil, and Salman Saqib, who were earlier sentenced to life in prison. The defendants were also collectively fined $32,000.
“Justice has been done for my clients,” said Mr Naveed.
Saeed, a former student at the London School of Economics, and the others were convicted in 2002.
A videotape received by US diplomats in February 2002 confirmed that Pearl, 38, was dead.
In court testimony and emails released during the trial, Saeed said he developed a personal relationship with Pearl, with both sharing their concerns about their wives, who were both pregnant at the time. Marianne Pearl gave birth to their son Adam in May 2002.
The Pearl Project, an investigative journalism team at Washington’s Georgetown University, carried out a three-year investigation into Pearl’s kidnapping and death.
They concluded the reporter was beheaded by Khalid Sheikh Mohammad, who was arrested in Pakistan in 2003 and later described as the architect of the 9/11 terrorist attacks on the United States. Mohammad is a prisoner at the US Naval Base at Guantanamo Bay, Cuba.
Soon after Pearl disappeared, Pakistani and US news organizations received emails from the previously unknown National Movement for the Restoration of Pakistani Sovereignty. The group demanded better treatment for Taliban and Al Qaida prisoners at Guantanamo.
FBI agents traced the emails to Saeed, who admitted his role in the kidnapping during his first court appearance but later recanted.
“Right or wrong I had my reasons,” Saeed told the court at the time. “I think that our country shouldn’t be catering to America’s needs.” The statement was ruled inadmissible because it was not made under oath.
Saeed had been arrested in 1994 by Indian authorities, accused of kidnapping three Britons and an American, who were all freed unharmed, in Indian-ruled Kashmir, Hindu India’s only Muslim majority region. Kashmir is a disputed territory between Pakistan and India.
Since 1989, an insurgency in Indian-held Kashmir has been demanding either outright independence for a united Kashmir or union with Islamic Pakistan.
In 1999, India freed Saeed and two other militants in exchange for the release of 155 passengers and crew aboard an Indian Airlines plane hijacked to Kandahar, Afghanistan.
The Pearl kidnapping was the first of five attacks against Westerners in Pakistan in 2002. A grenade attack against a Protestant church in Islamabad on March 17 killed five people, including two Americans and the attacker.
UAE currency: the story behind the money in your pockets
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
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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.”