Dominique Strauss-Kahn, centre, leaves court in New York after his hearing in the sexual assault case against him on Friday.
Dominique Strauss-Kahn, centre, leaves court in New York after his hearing in the sexual assault case against him on Friday.
Dominique Strauss-Kahn, centre, leaves court in New York after his hearing in the sexual assault case against him on Friday.
Dominique Strauss-Kahn, centre, leaves court in New York after his hearing in the sexual assault case against him on Friday.

Strauss-Kahn's bail waived as doubts arise over accuser


James Reinl
  • English
  • Arabic

NEW YORK // The former head of the International Monetary Fund, Dominique Strauss-Kahn, walked out of court smiling yesterday after a judge lifted his bail conditions and prosecutors revealed doubts about the accuser in the sex assault case against him.

Mr Strauss-Kahn, whose hopes for running in France's presidential election next year were dashed by the allegations and a glut of negative publicity, still faces charges of attempted rape of a hotel maid in the suite of his midtown New York hotel.

Video: Strauss-Kahn released from house arrest

July 2, 2011 UAE

Dominique Strauss-Kahn, the former head of the IMF, is released and his cash bond returned as a sexual assault case against him falls apart.

But prosecutors acknowledge that the credibility of the 32-year-old Guinean chambermaid behind the accusations has been called into question, amid claims that she has repeatedly lied and has links with criminals.

Justice Michael Obus released Mr Strauss-Kahn "at his own recognisance" and returned his US$6 million (Dh22m) bail and bond. The 62-year-old is no longer subject to electronic monitoring and an armed guard in a rented townhome. He can now travel within the United States.

"I understand that the circumstances of this case have changed substantially and I agree the risk that he would not be here has receded quite a bit," Mr Obus said, adding that the "case is not over". He adjourned proceedings until July 18.

Mr Strauss-Kahn allegedly emerged naked from a bathroom and chased the maid through his $3,000-a-night suite in Manhattan's Sofitel hotel on May 14, tore her stockings and forced her to perform oral sex before she broke free.

Semen stains on the maid's uniform provide forensic evidence that a sexual encounter did take place, but the case was expected to hinge on whether the incident was consensual or an assault.

US newspapers claim that investigators now question whether the maid is a reliable witness. She spoke by phone with a convicted prisoner within a day of the incident and discussed the possible benefits of bringing the allegations, it is claimed.

The prisoner was among a number of people who have deposited cash totalling about $100,000 into her account over the past two years, The New York Times reported.

She also told investigators that her application for asylum in the US had details of a previous rape in her native Guinea, where she said she had been subjected to genital mutilation. The documents do not bear out these facts, it is claimed.

Mr Strauss-Kahn's lawyer, Benjamin Brafman, said: "We believed from the beginning that this case was not what it appeared to be and we are absolutely convinced that, while today is a first giant step in the right direction, the next step will lead to a complete dismissal of the charges."

Cyrus Vance, the Manhattan district attorney, said investigations would continue "until we have uncovered all the facts". Kenneth Thompson, a lawyer for the alleged victim, maintained that the housemaid is a credible witness who suffered a brutal attack.

"The only defence that Dominique Strauss-Kahn has is that this sexual encounter was consensual. That is a lie," said Mr Thompson. He recounted a sex assault that left his client bruised so badly that medical evidence can back up her account.

Mr Strauss-Kahn was arrested aboard a Paris-bound flight at a New York airport hours after the incident. He resigned from the IMF after five days of media frenzy in which he was nicknamed the "great seducer" and depicted as a predatory womaniser.

Mr Strauss-Kahn was booed by protesters outside the court at subsequent hearings. He appeared dishevelled, handcuffed and unshaven after being locked up in the grim Rikers Island prison and facing a possible 25-year jail sentence.

The expected collapse of the prosecution case raises questions about whether Mr Strauss-Kahn can return to politics, and revives speculation among supporters that he was framed in a plot to scupper his presidential bid.

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.”

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

UAE currency: the story behind the money in your pockets

THE SPECS

Engine: 2.0-litre 4-cylinder turbo

Power: 275hp at 6,600rpm

Torque: 353Nm from 1,450-4,700rpm

Transmission: 8-speed dual-clutch auto

Top speed: 250kph

Fuel consumption: 6.8L/100km

On sale: Now

Price: Dh146,999

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Company%20profile
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The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

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The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)