Marina Litvinenko speaks to members of the press outside The High Court in London after receiving the results of the inquiry into the death of her husband Alexander Litvinenko. Ben Pruchnie / Getty Images
Marina Litvinenko speaks to members of the press outside The High Court in London after receiving the results of the inquiry into the death of her husband Alexander Litvinenko. Ben Pruchnie / Getty ImShow more

Putin ‘probably approved’ ex-spy’s murder: UK judge



LONDON // Russian president Vladimir Putin probably approved a plan by the FSB security service to murder former agent Alexander Litvinenko, a British judge claimed yesterday.

In a lengthy report, Judge Robert Owen said that he is certain Litvinenko was given tea laced with a lethal dose of polonium-210 at a London hotel in November 2006.

He said there is a “strong probability” that the FSB directed the killing, and the operation was “probably approved” by Mr Putin.

Litvinenko, a former FSB agent, fled to Britain in 2000 and became a vocal critic of Russia’s security service and of Mr Putin, whom he accused of links to organised crime.

Mr Owen said Litvinenko “was regarded as having betrayed the FSB” with his actions, and that “there were powerful motives for organisations and individuals within the Russian state to take action against Mr. Litvinenko, including killing him.”

Moscow has denied involvement in Litvinenko’s death, and Russia refused to identify the two main suspects, Andrei Lugovoi and Dmitry Kovtun.

Litvinenko died after he was poisoned with polonium-210, an isotope that is deadly even if ingested in tiny quantities.

He had fled from Russian to Britain in 2000 after breaking with Mr Putin and his inner circle.

In his 326-page report, Mr Owen said that based on the evidence he had seen, the operation to kill Litvinenko was “probably” approved by then-FSB head Nikolai Petrushov and by Mr Putin.

Mr Owen said Litvinenko “had repeatedly targeted president Putin” with “highly personal” public criticism.

The British government appointed Mr Owen to head a public inquiry, which soured relations between London and Moscow. He heard from dozens of witnesses during months of public hearings last year, and also examined secret British intelligence evidence.

* Associated Press

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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.”

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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

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