Former US president Donald Trump is more likely to face criminal charges after New York state’s prosecutor said it was working with Manhattan investigators to investigate his business dealings.
The office of New York Attorney General Letitia James said on Tuesday it was investigating the Trump Organisation in a “criminal capacity”.
It had previously said its probe into possible tax, insurance and bank fraud was through civil proceedings, which do not carry the threat of a criminal charge or conviction.
Mr Trump denies wrongdoing and has described the parallel criminal investigation by Manhattan’s district attorney as “a continuation of the greatest political witch hunt in the history of our country”.
The prosecutors in both Manhattan and New York state are Democrats.
“We have informed the Trump Organisation that our investigation into the organisation is no longer purely civil in nature,” said Fabien Levy, a spokesman for Ms James.
“We are now actively investigating the Trump Organisation in a criminal capacity, along with the Manhattan [district attorney].”
The Trump Organisation is the holding company for hundreds of entities, including hotels to golf courses.
It is not listed on the stock exchange and is therefore not required to report its accounts.
Investigators suspect the organisation may have artificially inflated and reduced the value of assets, particularly several properties in New York state, to either receive bank loans or reduce taxes.
Manhattan District Attorney Cyrus Vance’s investigation initially focused on hush payments made to two women who allege they had affairs with Mr Trump, but has expanded into allegations of tax evasion, and insurance and bank fraud.
Mr Vance, who leaves his post at the end of December, acquired eight years of Mr Trump’s tax returns in February after a years-long legal battle that went to the Supreme Court.
Two state assistant attorneys general will join the Manhattan district attorney's efforts, according to sources familiar with the matter cited in The New York Times.
Bennett Gershman, Professor of Criminal Law at Pace University and a former Manhattan deputy attorney, said Ms James’s announcement amounts to a “show of strength” by the two prosecutors.
“They are showing they mean business,” he told AFP. “They are moving forward aggressively. They are not backing off.
“Looking at this announcement I’d say we are much closer to charges being brought,” Prof Gershman said.
Observers suspect the statement was also intended to increase pressure on key witnesses, namely Mr Trump’s long-serving chief financial officer, Allen Weisselberg, with whom prosecutors hope to collaborate.
Investigators recently took possession of financial documents belonging to his son to put pressure on him.
Mr Trump, who is at his summer residence in New Jersey, did not immediately react to Ms James’s announcement.
In April, the Trump Organisation bolstered its legal team, hiring veteran criminal defence attorney Ronald Fischetti in a sign it was gearing up to defend its case.
Since leaving the White House in January after his defeat to Joe Biden, the former businessman and reality TV star retains a strong hold on many Republican voters – despite losing his powerful social media megaphones of Twitter and Facebook.
Mr Trump, the only leader in US history to be impeached twice, continues to make false claims that Mr Biden won because of voter fraud.
Yet his messaging appears to still resonate, with a CBS News poll released last weekend finding that 67 per cent of Republican voters believe Mr Biden was not elected legitimately.
No former US president has been indicted, but Mr Trump’s ex-lawyer Michael Cohen was rubbing his hands with glee at the prospect his former boss might become the first.
“Welcome to the #TrumpProsecutionParty!” tweeted Mr Cohen. He was sentenced to three years in prison for tax evasion and flouting electoral finance laws and is collaborating with investigators against Mr Trump.
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
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.”
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
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