Chairman of Qatar-based beIN Media Group Nasser Al Khelaifi and a former senior Fifa official have gone on trial in Switzerland over the awarding of television rights to future World Cups.
Fifa’s disgraced former secretary general Jerome Valcke appeared in court on Monday accused of accepting more than $1 million (Dh3.67m) in cash in return for favourable awarding of media rights.
Mr Al Khelaifi, who is also president of French champions Paris St Germain (PSG) and sits on the executive committee of European soccer body UEFA, has been charged with inciting Mr Valcke to commit aggravated criminal mismanagement.
It is alleged that the 46-year-old, who is a former Davis Cup tennis player for Qatar, incited Mr Valcke not to tell Fifa about favours he received.
Mr Valcke, 59, who is already banned by Fifa’s ethics committee for 10 years for previous ethics violations, has been charged with accepting bribes, aggravated criminal mismanagement and falsification of documents.
The duo face criminal charges over claims that Mr Valcke exploited his position to influence the awarding of media rights for Italy and Greece for various World Cup and Confederation Cup tournaments from 2018 to 2030.
A broader investigation into alleged bribery connected to the two men over broadcasting rights for the World Cups in 2026 and 2030 and other Fifa events in the Middle East was abandoned.
The Swiss attorney general's office alleges that between 2013 and 2015 Mr Valcke exploited his Fifa role to influence the awarding of media rights for various World Cup and Confederations Cup tournaments "to favour media partners that he preferred".
Mr Valcke also received exclusive use of a villa belonging to Mr Al Khelaifi in Sardinia for 18 months, it said, without having to pay rent estimated at between €900,000 (dh3.9m) and €1.8m (dh7.84m).
The villa, set in lush grounds in Porto Cervo on the northern coast of the idyllic Italian island, has an estimated value of €7m euros (dh30.49m).
Italian police raided it back in 2017 when Swiss authorities announced the probe against the three men on suspicion of “the bribery of private individuals”.
Officials also searched properties in Greece, Italy, Spain and France, including beIN’s office in Paris.
Mr Valcke was secretary general of world football's ruling body for eight years until 2015, overseeing the organisation of the World Cup in South Africa in 2010 and Brazil in 2014.
The trial in Switzerland, which is where Fifa is based, is expected to last until September 25 and the three federal judges are due to deliver a verdict by the end of October.
It is the culmination of a long-running investigation mired in setbacks that include dropped charges and the late addition of a new one. They deny all charges.
Mr Al Khelaifi's lawyers have said that the majority of the case does not apply to their client.
Swiss prosecutors have been investigating corruption surrounding Fifa since 2015, when the global soccer body became embroiled in the worst corruption scandal in its history.
The scandal led to its President Sepp Blatter and UEFA President Michel Platini being banned from the sport, while several dozen officials were indicted in the United States on corruption-related charges.
Most of Fifa’s board was replaced after the bribery investigations resulted in early morning raids in high-end hotels near the association headquarters.
As head of Qatar’s beIN Media Group, Mr Khelaifi secured television rights for four World Cups, including the 2022 tournament in Qatar, across the Middle East and North Africa.
Mr Al Khelaifi was appointed to run PSG when it was bought by a Qatar sovereign wealth fund within months of Fifa picking Qatar as a World Cup host in December 2010.
Under his watch, PSG pursued and completed a world record transfer from Barcelona for Brazil striker Neymar for €222 million.
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.”
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
MEDIEVIL%20(1998)
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SCE%20Studio%20Cambridge%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%2C%20PlayStation%204%20and%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
More on animal trafficking
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
A list of the animal rescue organisations in the UAE
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Spider-Man: No Way Home
Director: Jon Watts
Stars: Tom Holland, Zendaya, Jacob Batalon
Rating:*****
more from Janine di Giovanni
