The firms behind Zakir Naik’s Peace TV have both filed for liquidation.
Club TV and Lord Productions were fined £300,000 (Dh1.4 million) by the UK's media regulator Ofcom in May for airing hate speeches.
Now both have filed for liquidation with Companies House claiming they have no assets leaving the regulator £300,000 (Dh1.4 million) out of pocket.
Ofcom had found that four programmes on Peace TV and Peace TV Urdu breached broadcasting rules on incitement to commit crime, hate speech, abuse and offence after it aired diatribes that described people “worse than animals” and advocated the execution of magicians.
It ruled that the broadcasts were “very serious” and could encourage vulnerable viewers to commit killings.
Mr Naik ran both Peace TV and Peace TV Urdu and presented on both channels. Two of the complaints related to his broadcasts.
The TV personality, who is based in Malaysia, has been excluded from travel to the UK, India and Bangladesh and is accused by the Indian government of laundering £23m (Dh109.3m).
Britain barred him from entering the country in 2010, citing “unacceptable behaviour”, although officials have never spelled out the nature of the behaviour.
Club TV and Lord Productions Limited, which Mr Naik set up and was a director, are both owned by parent company Universal Broadcasting Corporation Limited which is still operating.
Mr Naik was also a director of Universal Broadcasting Corporation Limited.
Both the satellite stations are bankrolled by UK registered charity the Islamic Research Foundation International, which was founded by Mr Naik who is also its chairman.
It is now under investigation by the UK's Charity Commission.
Last year, Ofcom threatened to strip both the television stations, which claimed to reach two million viewers, of their licences but both voluntarily surrendered them last November.
“In this case, the potential for very serious harm if this material incited others was clear, “ Ofcom had said.
“Ofcom was concerned that the statements made by the scholar had the clear potential to influence impressionable viewers by encouraging serious crime, up to and including murder, and/or leading to disorder in relation to members of the public, in particular to Muslim people practicing magic as part of their faith.
“We also found that the scholar’s religious standing gave his statements greater weight and authority with the viewer, which compounded the seriousness of the breach. Ofcom considers the potential harm arising from such hate speech to be very serious.”
This week the charity watchdog barred Mr Naik from running charity Islamic Research Foundation International during its inquiry.
The Commission’s inquiry is focusing on why the charity has continued to fund Peace TV channels following repeated broadcasting breaches due to hate speeches and hosting radicals and extremist speakers in the past four years.
Mr Naik was barred from the UK in 2010 but continued to operate the channels until last year.
The licence for Peace TV was held by Lord Productions Limited, which was fined £100,000, and Club TV, which held the licence for Peace TV Urdu, was fined £200,000 over the broadcasting breaches.
“In reaching its decision on the imposition of a sanction in this case, Ofcom has taken full account of the need to ensure that any penalty acts as a deterrent, including to other broadcasters,” it added.
“In this case Ofcom believed that a financial penalty was necessary to reflect the serious nature of the Code breaches and to act as an effective incentive to comply with the Code, for other licensees.”
Ofcom previously fined Club TV £65,000 for hate speech violations in 2016.
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iPhone XR
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Apple Watch Series 4
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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.”
MATCH INFO
Barcelona 4 (Suarez 27', Vidal 32', Dembele 35', Messi 78')
Sevilla 0
Red cards: Ronald Araujo, Ousmane Dembele (Barcelona)
Ammar 808:
Maghreb United
Sofyann Ben Youssef
Glitterbeat
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
