Handout photo released by the Royal Malaysia Police showing North Korean Ri Jong-chol, who was arrested in connection with the death of Kim Jong-nam, the half-brother of North Korea's leader. Malaysia announced on March 3, 2017 that Mr Ri will be freed and deported. Royal Malaysia Police via EPA
Handout photo released by the Royal Malaysia Police showing North Korean Ri Jong-chol, who was arrested in connection with the death of Kim Jong-nam, the half-brother of North Korea's leader. MalaysiaShow more

Malaysia to free North Korean arrested in Kim killing



KUALA LUMPUR // The only North Korean arrested over the airport assassination of Kim Jong-nam will be freed and deported, Malaysia said on Thursday.

The announcement came hours after Malaysia said it was scrapping visa-free travel for North Koreans.

Attorney general Mohamed Apandi Ali said Ri Jong-chol would be released on Friday.

“He is a free man. His remand expires and there is insufficient evidence to charge him,” Mr Apandi said.

A day earlier, two young women were charged with the murder of Kim, the estranged half-brother of North Korean leader Kim Jong-un with a banned nerve agent.

Seven other North Koreans are wanted in connection with the killing, including a diplomat and an airline employee who are believed to be in Malaysia.

Four others are thought to have fled to Pyongyang on the day of the murder.

Mr Ri was arrested days after Kim suffered an agonising death after being attacked at Kuala Lumpur International Airport as he waited to board a flight to Macau.

CCTV footage shows two women approaching the heavyset 45-year old and appearing to thrust a cloth in his face.

Police say he suffered a seizure and died less than 20 minutes later before reaching hospital.

Swabs of the dead man’s face revealed traces of the VX nerve agent, a synthetic chemical so deadly that it is classed as a weapon of mass destruction.

South Korea has consistently pointed the finger of blame at North Korea for the assassination, citing what they say was a standing order from the North Korean leader to kill his half-brother, who lived in exile.

Pyongyang — which has never acknowledged Kim’s identity — has denied the charge and disputes the autopsy, claiming Malaysia is in cahoots with its enemies.

The poisoning has unleashed a serious diplomatic battle between Malaysia and North Korea. While it is not one of Pyongyang’s key diplomatic partners, Malaysia has been one of the few places in the world where North Koreans could travel without a visa. As a result, for years, it has been a quiet destination for North Koreans looking for jobs, schools and business deals.

That could all change after Kim’s death.

Deputy prime minister Ahmad Zahid Hamidi said the visa-free arrangement with North Korea will be scrapped from Monday due to national security. “The government was implementing the change on the grounds of national security, Malaysian news agency Bernama quoted deputy prime minister Ahmad Zahid Hamidi as saying.

The changes will take effect on March 6, after which North Koreans entering Malaysia will be required to obtain a visa, the report added.

Two female suspects in the attack, Indonesian Siti Aisyah, 25, and Doan Thi Huong, 28, from Vietnam, were charged with murder on Wednesday.

The women, who were brought to court surrounded by heavily armed police and security officers, could face the death penalty if convicted of murder.

Both female suspects say they thought they were taking part in a prank video but police have dismissed the claims.

* Agence France-Presse and Associated Press

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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The biog

Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza

Hobby: Running and watching Welsh rugby

Travel destination: Cyprus in the summer

Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.

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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Saudi Cup race day

Schedule in UAE time

5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)

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'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

Results

6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)

7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby

7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby

8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass

8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby

9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson

MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham v Ajax, Tuesday, 11pm (UAE).

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Games on BeIN Sports