Two of the candidates in the French 2017 presidential election, from left, Front National party's Marine le Pen, and Francois Fillon, the Republican party's representative, have been caught up in a series of scandals that has impacted their popularity leading up to the elections. Reuters
Two of the candidates in the French 2017 presidential election, from left, Front National party's Marine le Pen, and Francois Fillon, the Republican party's representative, have been caught up in a seShow more

Nepotism, corruption and farce taint French elections



Nice // A month before French voters begin to choose their next president, the election campaign has degenerated into a litany of scandals combining elements of nepotism, corruption and farce.

So much attention is focused on alleged impropriety involving two of the three main contenders — the conservative Francois Fillon and far-right candidate Marine Le Pen — that four electors in 10 are still undecided, according to one poll.

The stream of disclosures, even when accompanied by indignant denials of wrongdoing, highlights France’s unenviable history of eccentric and even unlawful practices by public figures.

One former president, Jacques Chirac, and a former prime minister, Alain Juppe, received suspended sentences over a fictitious jobs scam at Paris city hall dating from the early 1990s when Mr Chirac was the mayor.

A decade earlier, during the socialist presidency of Francois Mitterrand, a campaign of extensive phonetapping was mounted against a range of politicians, journalists and others, aimed partly at concealing the president’s tangled private life. Mr Mitterrand had created a parallel family that became public knowledge only when his illegitimate daughter reached her late teens.

And recent years have brought one scandal after another, prompting the lobby group Transparency International France to urge all candidates in the 2017 election to commit to a charter on higher standards of honesty and openness.

At the heart of current debate is Mr Fillon, candidate for the centre-right Les Republicains, who faces prosecution over payments exceeding €900,000 (Dh3.59m) — from public funds — for the allegedly fictitious or grossly exaggerated employment of his British wife Penelope, and two of their five children.

Mr Fillon served as prime minister in the government of France’s last centre-right president, Nicolas Sarkozy, also embroiled in successive legal battles and due to stand trial accused of illegally funding his 2012 presidential campaign.

Until late January, when questions first emerged about his employment of relatives, Mr Fillon seemed a shoo-in for the presidency. Outwardly a model of probity, he was the clear favourite to keep the Front National’s Ms Le Pen out of the Elysee palace.

But the allegations led to him being “mis en examen” — close under French law to being formally charged — and his wife is expected to suffer the same fate on Tuesday, unless the date is changed.

Mr Fillon was especially wounded by suspicions of hypocrisy after presenting himself as above reproach. Hundreds of natural allies deserted his camp and he slipped to a poor third in the opinion polls, behind Ms Le Pen and the young, centrist pretender Emmanuel Macron.

In the past two weeks, Mr and Mrs Fillon’s troubles have deepened.

First there was the revelation that he had accepted two suits worth €13,000 from a wealthy friend. If this was more an embarrassment than evidence of criminality, worse was to come.

French media quoted judicial sources as saying the investigation of the Fillons had been widened to establish whether documentation supporting the legitimacy of payments to Mrs Fillon had been forged.

The couple and their lawyers have repeatedly protested their innocence and complained that information about judicial procedures against them had been leaked. Mr Fillon even accuses Mr Hollande of creating a dirty tricks department.

But many in France believe he should have stood down weeks ago.

It was Mr Fillon who only last year drew attention to Mr Sarkozy, one of his rivals in the Republicains’ party primaries. Who, he asked, could imagine the late French statesman, General Charles de Gaulle, accused of criminal offences?

At first sight, Ms Le Pen occupies only marginally higher moral ground. She, too, faces investigations over fictitious employment — party officials given bogus jobs linked to her membership of the European parliament — and the alleged under-declaration of personal assets. Separate inquiries concern the funding of past election campaigns and the bizarre use of violent ISIL images to counter a broadcaster’s claim that the Front National was comparable to the terrorist group.

Like Mr Fillon, Ms Le Pen cries victimisation.

Among many supporters, this carries weight because they have grown immune to persistent attacks on her anti-Islam, anti-immigration, anti-European Union party.

Mr Macron, 39, has endured impertinent comments about his marriage to a woman old enough to be his mother, his former French teacher Brigitte, 63. But his campaign is so far free of scandal despite attempts by the socialist candidate Benoit Hamon, to query the sources of his campaign funding.

Mr Hamon is also above suspicion.

But as if to show that the left is also prone to questionable conduct, the socialist interior minister, Bruno Le Roux, was forced to resign last week after it emerged that he had employed two daughters, then at school or college, as assistants, their “pocket money” totalling €55,000.

On current projections, Mr Macron would win the May 7 run-off election after a close battle with Ms Le Pen in the first round on April 23.

Last week, Transparency International France published results of attempts to persuade candidates to sign up to its charter.

Among the front-runners, Ms Le Pen had wavered the most on the charter’s 11 clauses. But Mr Fillon had not responded at all, although he did tell a televised debate between candidates that he favoured a government commission on transparency.

“Corruption in France is not endemic,” said Daniel Lebegue, president of Transparency International France. “But many fellow citizens feel we are sinking into a swamp where everyone is rotten.”

foreign.desk@thenational.ae

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.”

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UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

CHELSEA SQUAD

Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku. 

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Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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UAE currency: the story behind the money in your pockets
Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat