Francois Fillon, presidential candidate for France’s for Les Republicains party, attends a debate at the French Confederation of Small and Medium-Sized Enterprises union’s headquarters in Puteaux, west of Paris, on March 6, 2017. Eric Piermont / AFP
Francois Fillon, presidential candidate for France’s for Les Republicains party, attends a debate at the French Confederation of Small and Medium-Sized Enterprises union’s headquarters in Puteaux, west of Paris, on March 6, 2017. Eric Piermont / AFP
Francois Fillon, presidential candidate for France’s for Les Republicains party, attends a debate at the French Confederation of Small and Medium-Sized Enterprises union’s headquarters in Puteaux, west of Paris, on March 6, 2017. Eric Piermont / AFP
Francois Fillon, presidential candidate for France’s for Les Republicains party, attends a debate at the French Confederation of Small and Medium-Sized Enterprises union’s headquarters in Puteaux, wes

Fillon fights on in a scandal-ridden French election


Colin Randall
  • English
  • Arabic

Nice // As the French presidential election veers from scandal to farce, the beleaguered centre-right candidate Francois Fillon is desperately fighting to stay in the race despite being enfeebled by imminent criminal charges and the mass defection of supporters.

Mr Fillon, previously favourite to take the socialist Francois Hollande’s place at the Elysee, was buoyed by a large turnout of sympathisers at the Paris Trocadero, in the shadow of the Eiffel Tower, on Sunday.

But he remains under strong pressure to stand down after learning last week that he faces formal investigation over payments, amounting to hundreds of thousands of euros, to his British wife Penelope and two of their adult children for allegedly fictitious work.

Leaders of his party, Les Republicains, held an emergency meeting on Monday night to discuss the crisis that threatens to divide the electorate and hand victory to either the far-right Front National leader Marine Le Pen or the centrist dark horse, Emmanuel Macron.

Mr Fillon insists no one has the power to force his withdrawal. He has apologised for “errors” but claims to be the victim of an attempted “political assassination”. In the event, party leaders voted unanimously to go on supporting him.

Underlining the sort of choices open to the French when they vote on April 23 in the first round of the election, Ms Le Pen is also embroiled in legal problems.

She could be prosecuted on any of four investigations into her own allegedly fictitious employment of staff, past election funding, personal tax declarations and the posting of images of ISIL violence on social media, which she defended as a response to unfair comparison between her anti-Islam, anti-immigration party and the terror group.

Mrs Fillon, who also faces possible prosecution, broke her silence at the weekend to declare support for her husband as the “only candidate with the experience, vision and programme to direct France”.

"I have told him, and tell him each day, he should fight to the end," she told the Sunday newspaper Le Journal du Dimanche. "It's for him to decide."

She denied any wrongdoing, insisting that the payments her husband made to her, one of their four sons and their daughter, all from public funds, were for work genuinely undertaken on his behalf.

Mr Fillon seemed certain to become president until the satirical newspaper Le Canard Enchaine revealed in January that he had paid his wife €831,440 (Dh3.2m) as a parliamentary assistant over a 15-year period. A total of €83,735 was paid to their daughter and one of her brothers, for legal work when neither was then practising in law. Mrs Fillon also received €100,000 for editorial functions for a literary magazine owned by one of her husband's friends.

The uncertainty surrounding the election deepened on Monday when Alain Juppe, the man seen by worried conservatives as the ideal replacement should Mr Fillon stand down, ruled himself out.

Mr Juppe, like Mr Fillon a former prime minister, acknowledged the chaos into which the elections had descended.

“Never in France’s fifth republic [established in 1958] has a presidential election taken place in such confusion,” he told a press conference in Bordeaux, the south-western city of which he is mayor.

The left was weakened and divided following Mr Hollande’s failure as president, he said, while Ms Le Pen was also entangled in legal troubles and Mr Macron was handicapped by “political immaturity” and a poor programme.

“And as for us, what a mess,” he added in a reference to Les Republicains, citing the “obstinacy” of Mr Fillon and his strategy of presenting the legal procedures against him as a conspiracy.

Amid intense debate about the suitability of the candidates, their competing proposals for addressing France’s economic and social problems risk being overlooked.

The reason hundreds of Mr Fillon’s natural allies have abandoned him is that he appears to have reneged on a promise to withdraw if charged. He admitted last week that this was the purpose of his summons before judges on March 15.

Many critics saw his Paris rally, attended by tens of thousands, as a challenge to the judicial system. Mr Fillon has a long record of condemning those who see the “law of the street” as superior to the rule of law.

He denies hypocrisy, saying the rally was in support of him, not an attack on the judges, and that his stance is justified by what he sees as the unfair timing of the legal process.

But recent opinion polls suggest he will be eliminated in the first round whereas Mr Juppe would have led the field.

In a further twist to this tangled tale of modern French politics, the former president Nicolas Sarkozy called on Monday for Mr Fillon and Mr Juppe to discuss with him a “dignified and credible” solution. And Francois Baroin, a former finance minister, emerged as the latest possible replacement for Mr Fillon.

It is hardly lost on commentators that Mr Fillon’s legal problems are not unprecedented.

Mr Juppe was given a suspended sentence in 2004 for his role in another bogus jobs scandal, though – as he noted yesterday – the court accepted this involved no personal gain. Mr Sarkozy is awaiting trial accused of illegally financing his unsuccessful 2012 presidential campaign.

foreign.desk@thenational.ae

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The specs

Engine: 3.5-litre V6

Power: 272hp at 6,400rpm

Torque: 331Nm from 5,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.7L/100km

On sale: now

Price: Dh149,000

 

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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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About Housecall

Date started: July 2020

Founders: Omar and Humaid Alzaabi

Based: Abu Dhabi

Sector: HealthTech

# of staff: 10

Funding to date: Self-funded

The bio

Favourite book: The Alchemist by Paulo Coelho

Favourite travel destination: Maldives and south of France

Favourite pastime: Family and friends, meditation, discovering new cuisines

Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.

Favourite Author: My father for sure

Favourite Artist: Damien Hurst

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil 
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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