Algerian anti-government protesters gather in Algiers in April 2019. AFP
Algerian anti-government protesters gather in Algiers in April 2019. AFP
Algerian anti-government protesters gather in Algiers in April 2019. AFP
Algerian anti-government protesters gather in Algiers in April 2019. AFP

Algeria hands activist 10 years in jail for 'inciting atheism'


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An Algerian court on Thursday sentenced a key member of the Hirak anti-government protest movement to 10 years in prison for inciting atheism, a rights group said.

Yacine Mebarki was also found guilty of offending Islam and fined 10 million Algerian dinar ($77,400), said Said Salhi, vice president of the Algerian League for the Defence of Human Rights.

Mr Salhi said he was shocked by such a heavy sentence for "a citizen who only expressed his opinion online".

The sentence was the longest given to a member of the Hirak, which led demonstrations that pushed president Abdelaziz Bouteflika from power last year.

At the start of the trial, the prosecution demanded that Mebarki, 52, was jailed for eight years.

But in a rare move the judge in the north-east city of Khenchela decided to add two more years to that term.

Mebarki denied any wrongdoing and would appeal, Mr Salhi said.

Mebarki was arrested on September 30 during a raid at his home.

According to a friend, the police found an old and faded copy of the Quran with one of its pages ripped – considered to be an attack on Islam.

Mr Salhi said Mebarki was also convicted of inciting discrimination and hatred.

"It's a case of freedom of conscience and opinion," Mr Salhi said.

He called for the charges to be dropped.

The Hirak-led protests broke out in February last year and led to the resignation of Mr Bouteflika, whose plans to run for a fifth term sparked the demonstrations.

Protesters continued to demand wholesale political changes but demonstrations halted in March owing to restrictions imposed as a result of the Covid-19 pandemic.

Meanwhile, authorities cracked down on activists, journalists and government critics, with many convicted on various charges and jailed.

A total of 61 people are in prison for acts related to Hirak, according to CNLD, a rights group that lists prisoners of conscience in Algeria.

In a bid to satisfy the protest movement, Algeria launched on Wednesday a campaign for constitutional reforms that will be put to a referendum in November.

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.”

Fireball

Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.

A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.

"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.

Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.