The US State Department has imposed sanctions on two Iranian judges, a court and three prisons for involvement in the torture and execution of Iranian wrestler Navid Afkari.
US Secretary of State Mike Pompeo made the announcement on Thursday afternoon.
The sanctions were against Judges Seyyed Mahmoud Sadati and Mohammad Soltani, of Branch 1 of the Revolutionary Court of Shiraz.
The US also blacklisted three Iranian prisons: Adel Abad, Orumiyeh and Vakilabad.
Mr Afkari was arrested in 2018 for taking part in protests and was executed on September 12, despite calls from the international community to stop it.
Mr Pompeo called on the Iranian regime to respect the human rights of the Iranian people.
“The United States is committed to holding accountable those who are denying freedom and justice to the people of Iran, and today we are taking major new actions that support the Iranian people,” he said.
The sanctions were implemented under the Countering America's Adversaries through Sanctions Act.
Mr Pompeo said the judges, court and prisons "were responsible for certain gross violations of human rights".
He accused them of torture or cruel, inhuman or degrading treatment or punishment, arbitrary detentions, and denials of the right to liberty of those seeking only to practise their faith, assemble peacefully or express themselves.
Mr Pompeo also mentioned the three US citizens still detained in Iran.
"This same system of injustice wrongfully detains three Americans: Baquer and Siamak Namazi, and Morad Tahbaz," he said.
"We will continue to make every effort to bring them home.”
The US special representative for Iran, Elliott Abrams, told Congress that the courts were tools for the Iranian regime.
“These so-called revolutionary courts are not what anyone in the United States would recognise as a court," Mr Abrams told a Senate foreign relations committee hearing on Thursday.
"Their purpose is to maintain the regime's stranglehold on power and put Iranians who seek freedom into prison or even to order their execution.
Mr Afkari, 27, received two death sentences and 74 lashes for his role in the 2018 anti-regime protests.
Also on Thursday, the US envoy on Afghanistan, Zalmay Khalilzad, said the US would be willing to meet Iran and discuss the war in its neighbouring country.
“We have offered to meet with the Iranians … to discuss the future of Afghanistan," Mr Khalilzad told the US Institute of Peace.
“Iran would like to keep us entangled in a conflict without winning or losing, but paying a high price in Afghanistan until there is an agreement between the US and Iran."
The Trump administration is seeking to withdraw from Afghanistan and struck a deal with the Taliban in February towards that end.
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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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