Lawyers for Nazanin Zaghari-Ratcliffe, a British woman jailed in Iran, have accused the British government of delaying steps that could secure her early release.
In a letter to Defence Secretary Ben Wallace, Ms Zaghari-Ratcliffe’s lawyers accused the government of not acting because they feared upsetting Washington.
The seven-page letter said London had deliberately delayed steps to earn the release, including the payment of £400m (Dh1.9 billion) which Tehran says it is owed by Britain.
It's completely outrageous to be holding people and using them as collateral
“The UK Government is apparently waiting for implicit permission from the US Government to pay the UK’s legally owed debts, payment of which would allow Nazanin (and other innocent British nationals) finally to come home,” it read.
“The message appears to be that the safety of British citizens abroad is subordinate to falling in line with US policy.”
The BBC's Panorama programme broadcast similar allegations on Monday, and on Tuesday The Guardian reported the new legal effort.
Ms Zaghari-Ratcliffe has been detained since April 2016 when she travelled with her young daughter to visit her Iranian parents.
She was jailed for five years after being accused of unspecified espionage offences.
Her family and supporters say she is a pawn in a political game between London and Tehran.
The British Government has previously admitted it owes Iran for a pre-1979 arms deal.
“It is important that the UK both honours its legally owed obligations to Iran, but also calls out the Iranian Government on its illegal treatment of Nazanin under Iranian law,” the letter reads.
“However, the UK Government has done precisely the opposite: obtusely refusing to discharge its legal obligations, while remaining silent and appeasing Iran in the face of Tehran’s atrocious abuse of Nazanin’s human rights.”
Richard Ratcliffe, who is Ms Zaghari-Ratcliffe's husband and has for years campaigned for her release, was also asked about any link between his wife's detention and the outstanding debt.
"Well of course there should be no link," he said. "It's completely outrageous to be holding people and using them as collateral."
Mr Ratcliffe also said on Monday that he feared she could face a second trial when her sentence ends early next year.
"I think, behind closed doors, they keep saying there's a second court case, they keep talking about running it," he told ITV. "My fear is that's what happens."
In a statement the Ministry of Defence said: “The defence secretary’s position on this matter has not changed. As previous government statements have made clear, we remain committed to securing the immediate and permanent release of all arbitrarily detained dual British nationals in Iran and regularly lobby for their release at the highest levels.”
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Portugal v Chile, 7pm, today
Germany v Mexico, 7pm, tomorrow
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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.”
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