Turkey’s self-exiled Islamic cleric Fethullah Gulen, blamed by president Recep Tayyip Erdogan for the failed coup, speaks to members of the media at his compound in Saylorsburg, Pennsylvania in July 17, 2016. Chris Post / AP Photo
Turkey’s self-exiled Islamic cleric Fethullah Gulen, blamed by president Recep Tayyip Erdogan for the failed coup, speaks to members of the media at his compound in Saylorsburg, Pennsylvania in July 17, 2016. Chris Post / AP Photo
Turkey’s self-exiled Islamic cleric Fethullah Gulen, blamed by president Recep Tayyip Erdogan for the failed coup, speaks to members of the media at his compound in Saylorsburg, Pennsylvania in July 17, 2016. Chris Post / AP Photo
Turkey’s self-exiled Islamic cleric Fethullah Gulen, blamed by president Recep Tayyip Erdogan for the failed coup, speaks to members of the media at his compound in Saylorsburg, Pennsylvania in July 1

Turkey denies offering money for US extradition of Erdogan rival


  • English
  • Arabic

Turkey has rejected as "ludicrous" allegations that it offered several million dollars to the United States to extradite a political rival to president Recep Tayyip Erdogan.

US media reported that investigators in Washington are probing whether former White House national security adviser Michael Flynn discussed expelling Muslim preacher Fethullah Gulen in exchange for a secret payout.

Ankara blames Mr Gulen's movement for the July 15, 2016 failed coup against Mr Erdogan, and has pressed for his extradition from the United States, where he has lived since 1999.

Mr Gulen, who has a large Turkish following, strongly denies the charges.

"All allegations that Turkey would resort to means external to the rule of law for his extradition are utterly false, ludicrous and groundless", Turkey's embassy in Washington said on Twitter Saturday.

NBC News and the Wall Street Journal said Friday that US special prosecutor Robert Mueller is examining a meeting Mr Flynn had with senior Turkish officials weeks after Donald Trump won the presidential race last year.

The meeting allegedly discussed a secret payout of up to $15 million dollars if, once in office, Mr Flynn would engineer the deportation to Turkey of Mr Gulen as well as help free Erdogan-linked Iranian-Turkish businessman Reza Zarrab from prison.

NBC and the Journal both cited multiple people familiar with the probe by Mr Mueller, who is leading the investigation into whether members of Mr Trump's campaign colluded with Russian meddling in the election.

The Journal said it is not clear how far the proposal went and that there was no sign that any payments were made.

Lawyers for Mr Flynn have labelled the allegations "outrageous" and "false".

According to the two reports, the discussions included details of how Mr Gulen could be flown secretly by private jet to the isolated Turkish prison island of Imrali.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Arabian Gulf League fixtures:

Friday:

  • Emirates v Hatta, 5.15pm
  • Al Wahda v Al Dhafra, 5.25pm
  • Al Ain v Shabab Al Ahli Dubai, 8.15pm

Saturday:

  • Dibba v Ajman, 5.15pm
  • Sharjah v Al Wasl, 5.20pm
  • Al Jazira v Al Nasr, 8.15pm
Saudi Cup race day

Schedule in UAE time

5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)

Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A

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.”

JUDAS AND THE BLACK MESSIAH

Directed by: Shaka King

Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons

Four stars