Greek court blocks extradition of Turkey coup suspects


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ATHENS // The Greek supreme court on Thursday rejected an extradition request for eight Turkish servicemen who fled their country by helicopter after a failed coup against President Recep Tayyip Erdogan in July.

Turkey said it would review its ties with Greece following the decision.

“We will carry out a comprehensive evaluation of the impact of this decision – which we believe has been taken with a political motive – on our bilateral ties, cooperation in the fight against terrorism and on other bilateral and regional issues,” the foreign ministry said.

Presiding judge Giorgos Sakkas, said the servicemen – two commanders, four captains and two sergeants – were unlikely to have a fair trial if returned to Turkey.

The eight officers fought extradition in a six-month legal battle, arguing that they face mistreatment in prison if returned.

The officers embraced each other and snapped pictures with their Greek lawyers after the ruling was read out, the source said.

The court also ordered that the eight be released from police custody.

The Turkish foreign ministry has branded them “terrorists” and said they played an active role in the coup. It accused the Greek judiciary of encouraging “impunity” and said the decision “was opposed to international law norms and principles” as well as violating the rights of the victims of the coup.

Shortly after the court’s decision Turkey issued an arrest warrant for the eight men, Turkish media reported.

The men landed a helicopter in Greece a day after the botched putsch and asked for asylum, setting up a politically delicate situation in Greece.

Turkey and the case is awkward for Athens, which is working with Nato ally Ankara to stem the flow of migrants through its territory towards western Europe.

Both countries are also involved in delicate talks to reunify Cyprus.

Greek prime minister Alexis Tsipras told Mr Erdogan in September that democracy was “very important” to Greece and coup plotters were “not welcome”, according to state agency ANA.

But Greek justice minister Stavros Kontonis said earlier this month the government would respect any decision by the court.

When the officers first arrived in Greece, a local court handed them a two-month prison sentence for illegal entry into the country, suspended over a three-year period.

They were later relocated to Athens and have spent the past six months in police custody. One of the Turkish officers had said: “We saw indiscriminate arrests of military personnel and we were afraid.”

Another said: “I’m proud to be an army man. I would not have left Turkey had my life not been in danger.”

The officers deny having taken part in the putsch and claim their lives are in danger.

* Associated Press and Agence France-Presse

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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.”