The Indian supreme court’s verdict in a 20-year-old corruption case has provided the latest — and possibly final — twist in a cinematic, week-long power struggle within the ruling party in the state of Tamil Nadu.
A two-judge bench on Tuesday found V K Sasikala guilty of amassing assets disproportionate to her income. Sasikala was for decades the closest companion of J Jayalalithaa, who was Tamil Nadu’s chief minister for four terms until her death in December.
The judges found both women had abused Jayalalithaa’s office in a “criminal conspiracy” to accumulate billions of rupees worth of land and other assets.
The verdict derails Sasikala’s political ambitions, which soared after Jayalalithaa’s death.
Her manoeuvres since February 6 have precipitated high drama, including legislators sequestered in a beach resort.
Jayalalithaa — the primary subject in the corruption case — together with Sasikala and two of the latter’s relatives were convicted by a lower court in September 2014. They appealed to the supreme court, which on Tuesday sentenced Sasikala to four years in prison, barred her from contesting elections for six years after her release, and fined her 100 million rupees (Dh5.5m).
Although she had never been active in politics before, after Jayalalithaa’s death, Sasikala moved quickly to take control of her party, the All India Anna Dravida Munnetra Kazhagam (AIADMK).
She was elected general secretary in December. In early February, she began angling for the chief minister’s post, which has been filled since Jayalalithaa’s death by O Panneerselvam, a longtime party loyalist.
To become the chief minister, Sasikala had to show she had support from a majority of the legislators in the Tamil Nadu assembly. Initially, Mr Panneerselvam appeared amenable to making way for Sasikala, submitting a letter of resignation and allowing his supporters within the party to back Sasikala for the chief minister’s post.
But on February 7, Mr Panneerselvam accused Sasikala of humiliating him by forcing him to resign, saying: “If the people wish it, I will withdraw my resignation. I will fight to save the party.
In response, as AIADMK general secretary, Sasikala suspended Mr Panneerselvam from the party. Then both politicians began the arduous task of cobbling together the support of at least 117 of the AIADMK’s 134 legislators, to provide the required majority to be chief minister of the 234-seat assembly.
Last Thursday, Sasikala spirited away 125 AIADMK legislators in three buses, installing them in luxury resorts on beaches south of Chennai, believing them to be loyal to her and hoping to shield them from Mr Panneerselvam’s overtures.
But some legislators claimed they were being held hostage, and said they were backing Mr Panneerselvam. On Monday night, one of them, wearing only a T-shirt and shorts, scaled a wall to escape his temporary internment in the beach resort.
C Vidyasagar Rao, the governor of Tamil Nadu, was responsible for picking the next chief minister but refrained from making the decision until the supreme court verdict.
After Tuesday’s verdict, Sasikala formally expelled Mr Panneerselvam from the party and named a loyalist, Edapaddi K Palanisamy, to replace her as candidate for chief minister.
Through her party’s Twitter account, Sasikala compared herself to Jayalalithaa, popularly known in her time as “Amma” or mother.
“In the past, whenever Amma was in crisis, I also suffered. This time also, I will take it upon me,” the tweet read. “Dharma [or justice] will prevail.”
Sasikala’s imprisonment will set the stage for a fresh tussle.
The party announced that Mr Palanisamy had sent a letter to the governor with the signatures of the AIADMK legislators supporting him. Mr Panneerselvam can, however, use his newfound advantage — and perhaps even the support from other parties — to prove his majority in the assembly.
Tamil Nadu will now have to wait and see which of the men the governor will choose.
In the hours following Sasikala’s conviction, Mr Panneerselvam expressed confidence to his supporters.
“I bow in humility to your love and affection,” he said. “Amma’s spirit is still around us and will guide us on the right path.”
ssubramanian@thenational.ae
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Uefa Champions League last 16 draw
Juventus v Tottenham Hotspur
Basel v Manchester City
Sevilla v Manchester United
Porto v Liverpool
Real Madrid v Paris Saint-Germain
Shakhtar Donetsk v Roma
Chelsea v Barcelona
Bayern Munich v Besiktas
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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COMPANY%20PROFILE
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
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Man of the Match Allan (Everton)
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More from Neighbourhood Watch:
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
The%20specs%20
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Company%20profile
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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.”
Fixtures
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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.
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The specs
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Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km
RESULTS
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)