Tha Sathon, in the Surat Thani Province of Thailand, is an unremarkable place with just a few thousand inhabitants. It’s poor, like much of the country, situated 550 kilometres south of Bangkok, yet it sits incredibly close to the bona fide slice of paradise that is its coastline. Picture perfect islands such as Ko Samui and Ko Pha Ngan have become synonymous with seemingly juxtaposing escapism and hedonism, where impossibly beautiful, dreamlike vistas cause visitors’ jaws to hit the floor and remain there for the duration of their stay.
This entire region might as well be on a different planet than the sweaty, steaming, heaving Thai capital, yet the two are inextricably linked by a man who has thoroughly divided Thailand. A man viewed by half the population as a hero and by the other half as a self-serving, corrupt troublemaker and murderer.
For Suthep Thaugsuban, a wealthy married man with a son and two daughters, trouble has been a way of life for many years, but many observers are now wondering if he’s on the verge of causing an outright civil war. Depending on whether, as an activist, your “shirt” is deemed to be red or yellow, you’re either a supporter of the current government regime or of Thaugsuban. Either way, it looks likely that Bangkok will shortly be brought to its knees in a “shutdown” orchestrated by the 64-year old former politician.
The initial reasons for protests in Bangkok are easy to explain. Currently living in self-imposed exile in Dubai, where he has been holed up in luxury for five years, Thailand’s controversial former prime minister Thaksin Shinawatra is staying away from his home country to avoid being locked up. It’s his sister, Yingluck, who is currently PM, and it’s widely believed he’s been influencing her leadership since the day she assumed office in 2011.
Ousted in a bloodless coup in 2006, Shinawatra eventually was found guilty in absentia of political corruption, was sentenced to prison and had US$2.3 billion (Dh8.44bn) of family assets frozen, although he told Forbes magazine, in October 2013, that almost half of that had been returned to him. That’s not the reason Thai people are getting worked up, however. The real reason is that Yingluck was trying to push an amnesty bill through parliament that would effectively allow her brother to re-enter the country as a free man, something Thaugsuban seized upon for his own political gains by stirring up an initially peaceful mob in the capital’s streets in November.
Thaugsuban himself has previously faced charges of corruption in 2009 after it was discovered he had a financial stake in a media company that had been receiving concessions from the government. By this stage he had risen through the political ranks to become deputy prime minister for the then ruling Democrat Party, and these charges led to him being threatened with disqualification as a member of parliament. He resigned before this could happen but that didn’t affect his position as deputy PM.
This had not been the first time he was involved in scandal. In the mid-1990s he arranged for the title deeds for nearly 600 plots of land to be passed to farmers in the Phuket province and it emerged that 11 wealthy families were also beneficiaries. The resulting outcry led to the overthrow of the Democrats from office, but somehow Thaugsuban managed to hold onto his fiercely loyal supporters. The Democrat Party bounced back and once again assumed office in 2008, a government Thaugsuban did nothing to help with his subsequent behaviour.
Thailand is a country divided by class. The poorer regions support the incumbent government (rice farmer subsidies and cheap health care went down well) while the middle and upper classes tend to favour the more elitist politics of Thaugsuban and the opposition. Bangkok is pretty much split down the middle, so it was always going to be fraught when it came to protestations.
That amnesty bill, responsible for the latest surge in political unrest, was subsequently rejected by the senate but the very public protests caused Yingluck to dissolve parliament on December 9, announcing fresh elections in February to try to settle matters once and for all. But Thaugsuban seems to be just getting into his stride now, and he won’t allow things to end on a peaceful note. He’s calling upon supporters to lock down the city, block roads and generally make normal life an impossibility.
Meanwhile, Yingluck has been addressing the nation from the north, where she has been rallying for support over the past few days. Using her Facebook page, she called on the country to put aside its differences. “On the occasion of New Year 2014,” she posted, “may I ask all Thais to be united in mind, to seek a blessing for the Thai people to love and harmonise and for those who differ in views, be it their political ideology or belief, to reconcile for a peaceful resolution for our nation.”
Thaugsuban, however, can call upon many more decades of political experience than Yingluck. As a young man he graduated from Chiangmai University and, in 1975, attained a master’s degree in political science from Middle Tennessee State University in the USA. His political career started when he was 26 years old, becoming “village headman”.
He was first elected in 1976 as MP for his home province of Surat Thani, where his family has become wealthy thanks to its heavy involvement in the lucrative industries of palm oil production and shrimp farming. Over the ensuing years, he has held a great many high profile positions (35 at the last count) in government. He finally gave up his Surat Thani seat, where he’d been re-elected in 2011, on the 11th day of last month, to devote his full-time efforts to overthrowing the government. Many believe a military coup will once again force the issue – something Thailand has become all too familiar with – and that Thaugsuban will have, against all the significant odds stacked against him, managed to worm his way back into the highest office in Thai politics.
Whatever happens, everyone agrees that a swift end to the unrest is required. At least eight people have been killed since the latest uprising began, but that’s not exactly foreign to Thaugsuban, either. Described in classified US documents upturned by WikiLeaks as a “backroom dealmaker who maintains contacts in all camps, including the military”, he was indicted on politically motivated murder charges last year on account of the more than 90 deaths caused by the military crackdown ordered by him when he was deputy prime minister to quell the “red shirt” protesters when Thaksin Shinawatra was ousted in 2010. Recently he set up his own law firm, Patcharawit Advocates, “that has 20 to 30 lawyers ready to defend my case as well as the officers who have been charged with murder in connection with their operations in 2010.”
The demonstrators who have been surrounding and occupying government buildings in recent weeks have been urged by Thaugsuban to remain nonviolent, but the tensions have been boiling and he’s done little to prevent that. He says his goal is to have the government replaced with an unelected “people’s council” that would choose Thailand’s leaders.
Considering how the international community might be looking upon the current upheaval, he went on record as saying: “Foreigners may think that if the government wins in parliament, that means the majority of the people support them – but the fact is that this government bought votes with their money and corrupted the last election.
“The people will quit only when the state power is in their hands,” he told Thai reporters. “If we don’t succeed, then I am prepared to die in the battlefield.”
Going by past performance, one cannot help wonder if he was talking literally or figuratively. Most would suggest the latter but one thing is certain: Thaugsuban has made an indelible mark on the political landscape of a country where unrest, strife, violence, corruption and greed have been commonplace in the practices of its leaders for far too long. Perhaps, if he’s good to his word, hi most lasting legacy will not be scandal but instead a much-needed peace in government that reflects the very best of his country’s paradisiac topography.
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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.”
Turkish Ladies
Various artists, Sony Music Turkey
Draw for Europa League last-16
Istanbul Basaksehir v Copenhagen; Olympiakos Piraeus v Wolverhampton Wanderers
Rangers v Bayer Leverkusen; VfL Wolfsburg v Shakhtar Donetsk; Inter Milan v Getafe
Sevilla v AS Roma; Eintracht Frankfurt or Salzburg v Basel; LASK v Manchester United
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Results
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900