LONDON // Anjem Choudary, Britain’s most high-profile hardline preacher whose followers have been linked to numerous militant plots across the world, has been found guilty of inviting support for ISIL.
Choudary, 49, was convicted at London’s Old Bailey court of using online lectures and messages to encourage support for the group which controls large parts of Syria and Iraq.
Notorious in Britain where the tabloids denounce him as a hate preacher, he is also well-known abroad, making regular TV appearances after attacks by extremist militants to blame Western foreign policy.
Prosecutors said that in postings on social media, Choudary and his close associate Mizanur Rahman, 33, had sought to validate the “caliphate” declared by Abu Bakr Al Baghdadi and said Muslims had a duty to obey or provide support to him.
In one hour-long speech, Choudary set out the requirements for a legitimate caliphate and why he believed ISIL met those criteria.
Both men, who had denied the terrorism charges and claimed the case was politically motivated, were found guilty last month but their convictions could not be reported until Tuesday for legal reasons. They are due to be sentenced in September and could face a jail sentence of up to 10 years each.
Choudary, the former head of the now banned organisation Al Muhajiroun, became infamous for praising the men responsible for the 9/11 attacks on the United States.
Despite his often controversial comments and refusal to condemn attacks by extremists such as the London 2005 bombings, Choudary has always denied any involvement in militant activity and had never been previously charged with any terrorism offence.
Rahman served two years in jail for encouraging followers to kill British and American troops in Afghanistan and Iraq during a protest in 2006.
Al Muhajiroun has been regarded as a breeding ground for militants since it was founded in the late 1990s by Syrian-born cleric Omar Bakri, who was banished from Britain in 2005, and was banned under anti-terrorist laws in 2010.
Michael Adebolajo, one of the men who hacked to death British soldier Lee Rigby on a London street in 2013, had attended protests Choudary had organised.
Last year, the trial of a teenage convert found guilty of plotting to behead a soldier in London was told he had fallen in with Al Muhajiroun.
The group’s influence is said to extend far beyond Britain. Those connected to it include Abu Hamza Al Masri, jailed for life in the United States last year for terrorism-related offences.
Michael Zehaf-Bibeau, the gunman who shot and killed a soldier in Canada’s capital and then stormed parliament in 2014, followed Choudary on Twitter, although the preacher said at the time he had no links to him.
*Reuters
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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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