An FBI poster from 2012 seeking information about Robert Levinson who went missing on Iran's Kish Island in March 2007. AP
An FBI poster from 2012 seeking information about Robert Levinson who went missing on Iran's Kish Island in March 2007. AP
An FBI poster from 2012 seeking information about Robert Levinson who went missing on Iran's Kish Island in March 2007. AP
An FBI poster from 2012 seeking information about Robert Levinson who went missing on Iran's Kish Island in March 2007. AP

US judge rules Iran snatched ex-FBI agent


Paul Peachey
  • English
  • Arabic

A US judge has ruled that Tehran was responsible for snatching and torturing a former FBI agent who went missing 13 years ago during an investigation into skimming of Iranian oil profits.

The ruling, on the anniversary of Robert Levinson’s disappearance, clears the way for the family’s $1.5 billion claim against the regime. Mr Levinson, 71, was last known to be alive in 2011 because of photographs emailed by his captors.

The private investigator travelled to the Iranian resort of Kish Island to question a contact over claims that Iranian officials were taking a cut from oil sales and hiding the money in overseas investment.

He checked out of his hotel following the meeting but has not been seen since March 9, 2007. A video and photos received by his family suggested he was being held by an unidentified terrorist group but judge Timothy Kelly ruled that Iran was responsible.

“If he is alive, he would be the longest-held civilian hostage in American history,” said the judge.

The case brought by Mr Levinson’s wife and his seven children “is largely about whether it was the Iranian regime that committed these barbarous acts”, said Judge Kelly.

“The court finds, in no uncertain terms, that it was.”

The court had heard in December that Iran’s Islamic Revolutionary Guard Corps was probably behind the imprisonment of Mr Levinson. His investigation into state corruption was a reason to detain him, the judge said.

The judge said Iranian involvement was further suggested by a story in state-run Press TV less than a month after he was snatched. The report said the unidentified US businessman had been “in the hands of Iranian security forces since the early hours of March 9”.

The court also heard that Iran’s ambassador to Paris summoned a go-between in 2011 and tried to broker a deal that would see his release in return for the delay of a report from the International Atomic Energy Agency that was likely to be critical of Tehran.

The ruling comes four months after Christine Levinson, the missing man’s wife, and his seven children gave evidence detailing their anguish about the continued absence of the investigator and the impact it had on their lives.

On their wedding days, his daughters tied his picture to their bouquets so they could say their father walked them down the aisle, the judge said.

Iran has not responded to the lawsuit. The judge found that “despite Iran’s apparent denials of responsibility for Levinson’s abduction, there are no other plausible explanations in the record for what happened to him”.

The damages – which will be decided at a separate hearing – are payable from a fund made up of seized assets and fines levied against banks for breaching Iranian sanctions.

US courts have made awards of $46bn to victims of Iranian-backed terrorism including the families of 241 US soldiers killed in the 1983 bombing of a US marine barracks in Beirut.

Mr Levinson’s family said that his disappearance was the “beginning a nightmare for him and for our family that continues to this day”.

On this anniversary, the United States District Court for the District of Columbia has found that the Iranian regime is responsible for what happened to him,” they said in a statement.

“We will continue to do everything in our power to seek justice for our husband and father.”

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The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
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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.”