The British government paid a Spanish businessman £21 million ($28m) to source personal protective equipment for National Health Service staff as supplies ran critically short at the start of the Covid-19 pandemic.
Gabriel Gonzalez Andersson, a consultant who acted as a go-between for a US supplier and manufacturers, was also in line for a further $20m of taxpayers' money, the BBC reported.
Legal documents show the US supplier, Florida-based jewellery designer Michael Saiger, described the PPE deals as lucrative.
Details of who has benefited from deals struck by the UK are only now becoming apparent, thanks to a legal dispute playing out in Miami.
According to court documents, Mr Saiger set up a business to supply PPE from China as authorities raced to shore up supplies.
He enlisted Mr Andersson for the “procurement, logistics, due diligence, product sourcing and quality control" of PPE.
The Spaniard was paid more than $28m to work on two government contracts, and in June Mr Saiger signed a further three contacts to supply the NHS with gloves and surgical gowns.
But it is alleged once those agreements were signed, Mr Andersson stopped working for Mr Saiger, who was left scrambling to fulfil the contracts.
It is not clear that Mr Andersson benefited from the additional contracts.
The Department of Health and Social Care has published contracts with Mr Saiger's company totalling more than £200m.
The contracts were not open to competitive tender.
The Good Law Project, which is challenging the government over the deals in UK courts, on Twitter said the contract was unlawful.
Meanwhile, Prime Minister Boris Johnson tested negative for coronavirus.
Mr Johnson’s office said he was tested using a lateral flow test – a quick procedure that does not need to be processed in a lab.
The tests are not widely available in the UK, but Downing Street staff could get them as part of a pilot project.
Mr Johnson will continue to self-isolate for 14 days per government guidelines.
Earlier, Housing Secretary Robert Jenrick suggested tougher restrictions may be needed in the top band of England's tier system.
Asked if there could be a tougher tier than Tier 3 in the new system, Mr Jenrick told the BBC: “We haven’t come to a decision on that.
“The Tier 3 that we had before was just considered a baseline.
“And then we did ask local areas whether they would be willing to go further and some did."
He said that it was his "hope and expectation" that lockdown would end on December 2.
The Office for National Statistics reported on Tuesday that UK coronavirus deaths had officially hit their highest level since mid-May.
There were 1,937 deaths involving coronavirus in the week ending November 6, a 40 per cent increase on the week before, the ONS said.
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.”
Pots for the Asian Qualifiers
Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
Company%20profile
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Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
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In criminal cases, you can contact the police for additional support
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million