Morad Tahbaz was freed from jail but had to remain in Iran as part of a deal struck between London and Tehran. @USEnvoyIran/Twitter
Morad Tahbaz was freed from jail but had to remain in Iran as part of a deal struck between London and Tehran. @USEnvoyIran/Twitter
Morad Tahbaz was freed from jail but had to remain in Iran as part of a deal struck between London and Tehran. @USEnvoyIran/Twitter
Morad Tahbaz was freed from jail but had to remain in Iran as part of a deal struck between London and Tehran. @USEnvoyIran/Twitter

UK’s ‘third man’ Morad Tahbaz left behind after Iran prisoner deal


Paul Peachey
  • English
  • Arabic

The British government has said it would continue to push for the release of a conservationist who was not allowed to leave Iran under the deal that brought two dual citizens home.

Morad Tahbaz, who holds US, UK and Iranian citizenship, was allowed to leave prison four years into a 10-year sentence under the agreement that led to Britain settling a £400 million (£523m) arms debt from the 1970s.

Mr Tahbaz, the only one of the three born in the UK, must remain in Iran as part of the deal. His family is said to be “devastated” that he was not allowed to leave.

Nazanin Zaghari-Ratcliffe, 43, and Anoosheh Ashoori, 67, returned to the UK early on Thursday to be reunited with their families.

A fourth prisoner, Mehran Raoof, a veteran trades unionist who once lived in north London and was sentenced to jail for 10 years during a sweep of human rights activists, has not featured in official UK government statements about the deal.

“The British negotiating position must have been weak indeed if they saw fit to leave half the hostages behind,” said Kylie Moore-Gilbert, a UK-Australian dual citizen who spent two years in prison before the Australian government organised a prisoner swap.

Mr Tahbaz was diagnosed with cancer in 2019 and has been treated within a prison system that is notorious for its poor care.

He was part of a group of conservationists from the Tehran-based Persian Wildlife Heritage Foundation, which had been licensed to operate in Iran by the government in 2018.

A senior figure from the group died while interrogations were held at Evin prison in Tehran, the US-based Centre for Human Rights in Iran. They were convicted after a case based partly on a retracted forced confession.

Ms Moore-Gilbert said a public campaign by Mr Tahbaz would have gone against the wishes of the other seven Iranians arrested with him in 2018.

“Morad is a man in his 60s in remission from cancer who dedicated his life to philanthropy and, in particular, to saving Iran's endangered wildlife,” she said. “I have no doubt that public pressure would have led to his being on that plane alongside dear Nazanin and Anoosheh.”

The Iranians claimed his US nationality made his case more complicated, UK government minister James Cleverly said.

“But we don't stop, we have never stopped and we will continue working to get his full permanent release and his return home to his family," he said.

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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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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Updated: March 17, 2022, 5:40 PM