Suspects in North Korean death ‘coated hands with poison’



KUALA LUMPUR // The two women suspected of fatally poisoning a scion of North Korea’s ruling family were trained to coat their hands with toxic chemicals and then wipe them on his face, police in Malaysia said on Wednesday, announcing they were seeking a North Korean diplomat in connection with the attack.

But the North Korean embassy ridiculed the police account of Kim Jong-nam’s death at a Malaysian airport, demanding the immediate release of the two “innocent women”.

If the toxins had been on their hands “then how is it possible that these female suspects could still be alive?” the North Korean embassy in Kuala Lumpur demanded to know. Police say the women — one of them Indonesian, the other Vietnamese — washed their hands soon after poisoning Kim, the long-estranged half brother of North Korean ruler Kim Jong-un.

On Wednesday, Inspector-General of police Khalid Abu Bakar said that authorities are searching for two new North Korean suspects, the second secretary of North Korea’s embassy in Kuala Lumpur and an employee of North Korea’s state-owned airline, Air Koryo.

“We hope that the Korean embassy will cooperate with us, allow us to interview them and interview them quickly,” he said. “If not, we will compel them to come to us.”

Police say the substance used remains unknown, but it was potent enough to kill Kim before he could even make it to a hospital.

Mr Abu Bakar said the women knew they were handling poisonous materials and “were warned to take precautions”. Surveillance video showed both keeping their hands away from their bodies after the attack, he said, then going to restrooms to wash. Those details are not clear in video obtained by media outlets.

He said the women had practised the attack at two Kuala Lumpur malls.

“We strongly believe it is a planned thing and that they have been trained,” he said.

Mr Abu Bakar could not confirm whether North Korea’s government was behind Kim’s death but said, “What is clear is that those involved are North Koreans.”

* Associated Press

Analysis

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Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

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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.”